Mercer Defence Force Moderate Fund

Not Mindful

Type: Conservative fund

Past Returns: 2.39%

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

Annual Fees: 1.0%

Annual fees, including any membership and % management fee.

The graph below shows the percentage of the fund invested in each of the worst issues of concern to New Zealanders. Below the graph are listed all the companies this fund invests in, by issue of concern.

Fossil Fuel

Aker BP Asa 0.03%
Anglo American PLC 0.01%
Apa Group 0.01%
Apt Pipelines Ltd 4.25% Due 07-15-2027 0.02%
BHP Group Limited Ordinary Fully Paid 0.02%
BHP Group PLC 0.03%
BP Cap Mkts Amer Fixed 3.017% Due 01-16-2027 0.02%
China Petroleum & Chemical 0.01%
Clp Holdings Limited Hkd 0.02%
Enbridge Inc 0.03%
Engie Aug5 0.02%
Eog Resources Inc 0.01%
Exxon Mobil Corp 3.043% Due 03-01-2026 0.02%
Firstenergy Corp 3.9% 07-15-2027 0.01%
Firstenergy Corp USD 0.02%
Gaz Capital SA 3.125% Snr 17/11/2023 EUR 0.01%
Gazprom PJSC Spon Adr 0.01%
Kinder Morgan Inc 1.5% Due 03-16-2022 0.02%
Kirby Corp 0.01%
Koninklijke Vopak Nv 0.03%
Korea Gas Corp 3.875% Due 02-12-2024 0.01%
Lyondellbasell Industries 0.01%
Nextera Energy Cap Hldgs Inc 2.75% Due 11-01-2029 0.02%
Oneok Partners L P 3.375% Due 10-01-2022 0.02%
Petrochina Co Ltd H 0.01%
Phillips 66 Com Usd0.01 0.01%
Pvtpl Eni S P A Nt X 4.75% Due 09-12-2028 0.02%
Royal Dutch Shell PLC-B Shs 0.01%
Rubis Eur1.25 0.06%
Snam Spa 0.04%
Statoil Asa 2.65% Due 01-15-2024 0.02%
Suez 0.01%
Total SA 0.02%
Wec Energy Group Inc 0.02%
Xcel Energy Inc 0.03%
Xcel Energy Inc 2.6% Due 12-01-2029 0.05%

Weapons

Axon Enterprise I Com USD 0.00001 0.01%
Raytheon Company 0.03%

Tobacco

Gambling

Skycity Entertainment Group Limited 0.06%

Alcohol

Anheuser-Busch Cos Llc Corp 4.7% 02-01-2036 0.02%
Carlsberg As - B 0.03%
Diageo Ord 28 101/108P 0.03%
LVMH Moet Hennessy 1.125% Snr 11/02/2027Gbp 0.01%
Pernod-Ricard SA 0.04%

GMOs

Novartis AG - Chf0.50 (Regd) 0.18%
Novartis Cap Corp 4.4% Due 05-06-2044 0.02%
Nutrien Ltd 3.375% Due 03-15-2025 0.02%
Syngenta Finance Nv 0.04%

Human Rights & Environmental Violations

BHP Group Limited Ordinary Fully Paid 0.02%
BHP Group PLC 0.03%
Johnson & Johnson Com US$1 0.10%
Nestle SA 0.04%
Nutrien Ltd 3.375% Due 03-15-2025 0.02%
Petrochina Co Ltd H 0.01%
Rio Tinto Fin Usa 3.75% Due 06-15-2025 0.01%
Rio Tinto Limited 0.05%
Rio Tinto PLC Ord 10P Gbp 0.03%
Royal Dutch Shell PLC-B Shs 0.01%
Sempra Energy USD 0.03%
Vale SA 0.02%

Animal Testing

Albermarle Corp 0.010%
Coca Cola Co USD 0.060%
Colgate Palmolive Usd1 0.020%
Colgate-Palmolive Co 4% Due 08-15-2045 0.020%
Glaxosmithkline 6.375% Due 05-15-2038 0.010%
Glaxosmithkline PLC 0.030%
Johnson & Johnson Com US$1 0.100%
Kimberly Clark 6.625% Due 08-01-2037 0.010%
LVMH Moet Hennessy 1.125% Snr 11/02/2027Gbp 0.010%
Nestle SA 0.040%
Pepsico Inc Cap US$0.01 2/3 0.040%
Procter & Gamble Company 0.050%
Reckitt Benckiser Group PLC 0.030%
Royal Dutch Shell PLC-B Shs 0.010%
Syngenta Finance Nv 0.040%
Unilever Nv 0.010%
Unilever PLC 0.010%
Usana Helath Sciences Inc 0.010%
Walgreens Boots Al Com Usd0.01 0.010%

This data is compiled by Mindful Money from the fund information and portfolios that each fund has filed with the Disclose register to Tue March 31st 2020 and Mindful Money analysis of funds within those portfolios. The list of companies of concern has been drawn from ratings agencies and public sources, including the Norwegian Sovereign Fund, NZ Super Fund and research organisations.

Past annual returns for this fund are after fees and taxes. Please note that higher past returns do not always mean higher future returns.

Year	Market Average	Fund Annual Return
2020	-0.18%	-1.06%
2019	4.54%	3.86%
2018	3.22%	4.38%
2017	3.53%	4.68%

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 Tue June 30th 2020.

Showing the top 10 investments for this fund:

AMP Capital Investors NZ Cash Fund
New Zealand Cash and Equivalents

25.24%
Robeco Global Credit Fund
Australia Int Fixed Interest

2.57%
New Zealand Government Bond 5.5% 15/04/2023
New Zealand NZ Fixed Interest AA+

1.52%
New Zealand Government Bond 6% 15/05/2021
New Zealand NZ Fixed Interest AA+

1.4%
Westpac Business Interest Account
New Zealand Cash and Equivalents AA-

1.37%
New Zealand Government Bond 3.5% 14/04/2033
New Zealand NZ Fixed Interest AA+

1.34%
First State Investments Global Listed Infrastructure Fund
New Zealand Other

1.26%
New Zealand Government Bond 2.75% 15/04/2037
New Zealand NZ Fixed Interest AA+

1.18%
Housing New Zealand Ltd Bond 3.42% 18/10/2028
New Zealand NZ Fixed Interest AA+

1.07%
New Zealand Government Indexed Bond 2% 20/09/2025
New Zealand NZ Fixed Interest AA+

0.92%

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

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

Target

Actual

Type	Target	Actual
Cash and Cash Equivalents	24.0%	26.96%
New Zealand Fixed Interest	13.0%	12.99%
International Fixed Interest	28.0%	26.89%
Australasian Equities	7.0%	5.28%
International Equities	16.0%	15.55%
Listed Properties	2.0%	1.92%
Unlisted Properties	2.0%	2.2%
Other	7.0%	7.31%
Commodities	1.0%	0.01%

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

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

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

Issue of concern

Does this fund say it excludes this?

Actual holdings
Adult Entertainment/Pornography:

0.00%
Alcohol:

0.19%
Animal Testing:

0.75%
Fossil Fuels:

1.15%
Gambling:

0.09%
GMOs:

0.29%
Human Rights & Environmental Violations:

0.46%
Palm Oil:

0.00%
Tobacco:

0.01%
Weapons:

0.06%

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

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

In their own words

"Invests in cash and fixed interest with about a third of investments being in growth assets such as shares and real assets. May be suitable for investors who want to invest in a broad mix of assets and who are comfortable with a higher degree of volatility in returns than can be expected from the Conservative fund."

Value	$6.3M NZD
Period of data report	Tue June 30th 2020
Members	Not provided
Fund started	Fri Oct. 9th 2015
Total annual fund fees	1.0%
Total performance based fees	0.0%
Manager's basic fee	0.71%
Administration charges	0.29%
Total other charges	0.0
Total other charges currency	NZD

Key Personnel

Kristen Kohere-Soutar	Currently: Chair - Mercer (N.Z.) Ltd (0 years, 4 months) Previously: Director - Mercer (N.Z.) Ltd (current) (2 years, 7 months)
Martin Lewington	Currently: CEO - Mercer (N.Z.) Ltd (11 years, 1 months) Previously: Head of Investments - Mercer (N.Z.) Ltd (3 years, 8 months)
Philip Houghton-Brown	Currently: Chief Investment Officer - New Zealand Mercer (N.Z.) Ltd (7 years, 8 months) Previously: Chief Investment Officer - OnePath (NZ) Ltd (5 years, 3 months)
Kylie Willment	Currently: Chief Investment Officer Pacific Mercer Australia (Pty) Ltd (2 years, 5 months) Previously: Senior Manager Investment & Client Strategy - TCorp (NSW Treasury Corporation) (17 years, 0 months)
Ronan Mccabe	Currently: Head of Portfolio Management Delegated Solutions Pacific Mercer Australia (Pty) Ltd (1 years, 0 months) Previously: Senior Investment Manager - Ireland Strategic Investment Fund (ISIF) (3 years, 7 months)

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

Downloads

Download the fund's disclosure statement and portfolio holdings.

Portfolio holdings v