Fund type: Defensive fund
Past Returns: *0.95%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 defensive funds is 1.99%.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Where companies are involved in, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.
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.
Glencore is a multinational commodity trading and mining company. Glencore has been repeatedly criticised for not having adequate policies in place to ensure that its palm oil suppliers in Southeast Asia do not engage in deforestation or other environmentally harmful practices. Glencore also operates mines in several countries, including Indonesia and the Democratic Republic of Congo, where the mining industry has been linked to deforestation and other environmental damage.
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, 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.
Enbridge's ownership in the Dakota Access Pipeline and Enbridge Line 5 has been at the center of continuous legal scrutiny and controversy due to the environmental and human rights impact. These pipelines have poor regulation, significant contributions to GHG emissions from pipe leakage and affect the rights of Indigenous people.
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, 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, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in intensive poultry operations, including managing direct operations which raise birds or managing a network of contracted farmers, slaughtering, packaging and onward sale to wholesalers, retailers, and restaurant chains.
JBS is one of the world’s largest food companies and exporters of beef from Brazil. Multiple sources have traced JBS meat products to illegally deforested areas in the Amazon rainforest. JBS suppliers have allegedly carried out intensive style poultry farming, which includes inhumane conditions and violent treatment of animals. Through its subsidiary, Huon Aquaculture, JBS has been linked to the inhumane death of seals by using explosives at salmon farms in Tasmania.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Where companies are involved in, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.
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.
Glencore is a multinational commodity trading and mining company. Glencore has been repeatedly criticised for not having adequate policies in place to ensure that its palm oil suppliers in Southeast Asia do not engage in deforestation or other environmentally harmful practices. Glencore also operates mines in several countries, including Indonesia and the Democratic Republic of Congo, where the mining industry has been linked to deforestation and other environmental damage.
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 production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
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. 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%.
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.
Enbridge's ownership in the Dakota Access Pipeline and Enbridge Line 5 has been at the center of continuous legal scrutiny and controversy due to the environmental and human rights impact. These pipelines have poor regulation, significant contributions to GHG emissions from pipe leakage and affect the rights of Indigenous people.
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 the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Quanta Services provides infrastructure solutions for the oil and gas industry. Companies involved in oil and gas services provide tailor-made products and services for the oil and gas sector including exploration and production.
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 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.
Total is a French-based global oil major (7th largest in the world by market cap). In 2024 they produced 1,947 thousand barrels of oil equivalent per day. They have plans to expand their oil and gas production by 3% in 2026 while claiming they will reduce their methane emissions by 70% by 2030.
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, 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, 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 source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Enel is one of the world's largests producers of renewable energy in the world and also holds a 70.1% stake in the energy company, Endesa. It generates around 7% of revenue from fossil fuels. However, the company generate 68% from renewables and have announced plans to be 100% renewable by 2040. 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 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, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in intensive poultry operations, including managing direct operations which raise birds or managing a network of contracted farmers, slaughtering, packaging and onward sale to wholesalers, retailers, and restaurant chains.
JBS is one of the world’s largest food companies and exporters of beef from Brazil. Multiple sources have traced JBS meat products to illegally deforested areas in the Amazon rainforest. JBS suppliers have allegedly carried out intensive style poultry farming, which includes inhumane conditions and violent treatment of animals. Through its subsidiary, Huon Aquaculture, JBS has been linked to the inhumane death of seals by using explosives at salmon farms in Tasmania.
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 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 low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Wells Fargo is a multinational financial services company which serves millions of customers in 35 countries. They have been involved in significant business ethics scandals for false inflation, cross selling and misleading customers over a period of 2002 to 2016.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Where companies are involved in, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.
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.
Glencore is a multinational commodity trading and mining company. Glencore has been repeatedly criticised for not having adequate policies in place to ensure that its palm oil suppliers in Southeast Asia do not engage in deforestation or other environmentally harmful practices. Glencore also operates mines in several countries, including Indonesia and the Democratic Republic of Congo, where the mining industry has been linked to deforestation and other environmental damage.
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 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.
The world’s largest social network (Facebook, Instagram, Messenger, WhatsApp). Company has faced claims and legal actions due to mental health harm (notably to young people), breaches of user privacy / data rights, and the spread of misinformation. Inadequate moderating in non-English speaking countries (e.g. Myanmar) allowed the platform to be used to incite ethnic violence. Removal of content moderation from strt of 2025 increases risk of social and political harm.
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.
A ride and food delivery service provider. As Uber considers its drivers to be contractors, this limits their employee rights to the minimum wage, and providing the same benefits and rights as traditional taxi companies.
Fund type: Defensive fund
Past Returns: *0.95%The Fund invests substantially all its assets in an underlying fund, which focuses on analysing fundamental, quantitative and technical factors across countries, sectors and issuers. This combines top down asset allocation and bottom-up security selection targeting diversified sources of portfolio return – including sector rotation, security selection, currencies and yield curve positioning. See the SIPO for more details.
| Value | $114M NZD |
| Period of data report | 31st March 2026 |
| Fund started | 7th March 2025 |
| Total annual fund fees | 0.47% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 0.47% |
| Other management and administration charges | 0.0% |
| Total other charges | 0.0 |
| Total other charges currency | NZD |
|
Andreas Michalitsianos |
Currently: Investment Manager (24 years, 1 months)
|
|
Nicholas Wall |
Currently: Investment Manager (6 years, 3 months)
|
|
Iain Stealey |
Currently: Investment Manager (23 years, 7 months)
|
|
Seamus Macgorain |
Currently: Investment Manager (16 years, 2 months)
|
|
Myles Bradshaw |
Currently: Investment Manager (7 years, 3 months)
|
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st March 2026.
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 |
|---|---|---|
| 2026 | 1.96% | 0.95% |
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 March 2026.
US Treasury N/B 3.5 31 Oct 2027
United States Int Fixed Interest AA+
Jpm USD Liquidity Lvnav X (Dist.)
United States Cash and Equivalents AAA
US Treasury N/B 3.375 29 Feb 2028
United States Int Fixed Interest AA+
Treasury Bill Dsc 23 Jun 2026
United States Int Fixed Interest AA+
US Treasury N/B 3.625 31 Oct 2030
United States Int Fixed Interest AA+
Bundesschatzanweisungen 2.0 16 Dec 2027 Regs
Germany Int Fixed Interest AAA
Bundesobligation 2.2 10 Oct 2030 Regs
Germany Int Fixed Interest AAA
US Treasury N/B 3.875 30 Jun 2030
United States Int Fixed Interest AA+
Bundesrepub. Deutschland 2.6 15 Aug 2035 Regs
Germany Int Fixed Interest AAA
Buoni Poliennali Del Tes 4.3 01 Oct 2054 Regs
Italy Int Fixed Interest BBB+
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 0.0% | 3.74% |
| New Zealand Fixed Interest | 0.0% | 0.0% |
| International Fixed Interest | 100.0% | 96.92% |
| 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% | -0.67% |
| 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 March 2026.
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 2026 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 low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Where companies are involved in, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.
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.
Glencore is a multinational commodity trading and mining company. Glencore has been repeatedly criticised for not having adequate policies in place to ensure that its palm oil suppliers in Southeast Asia do not engage in deforestation or other environmentally harmful practices. Glencore also operates mines in several countries, including Indonesia and the Democratic Republic of Congo, where the mining industry has been linked to deforestation and other environmental damage.
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, 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.
Enbridge's ownership in the Dakota Access Pipeline and Enbridge Line 5 has been at the center of continuous legal scrutiny and controversy due to the environmental and human rights impact. These pipelines have poor regulation, significant contributions to GHG emissions from pipe leakage and affect the rights of Indigenous people.
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, 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, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in intensive poultry operations, including managing direct operations which raise birds or managing a network of contracted farmers, slaughtering, packaging and onward sale to wholesalers, retailers, and restaurant chains.
JBS is one of the world’s largest food companies and exporters of beef from Brazil. Multiple sources have traced JBS meat products to illegally deforested areas in the Amazon rainforest. JBS suppliers have allegedly carried out intensive style poultry farming, which includes inhumane conditions and violent treatment of animals. Through its subsidiary, Huon Aquaculture, JBS has been linked to the inhumane death of seals by using explosives at salmon farms in Tasmania.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Where companies are involved in, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.
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.
Glencore is a multinational commodity trading and mining company. Glencore has been repeatedly criticised for not having adequate policies in place to ensure that its palm oil suppliers in Southeast Asia do not engage in deforestation or other environmentally harmful practices. Glencore also operates mines in several countries, including Indonesia and the Democratic Republic of Congo, where the mining industry has been linked to deforestation and other environmental damage.
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 production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
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. 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%.
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.
Enbridge's ownership in the Dakota Access Pipeline and Enbridge Line 5 has been at the center of continuous legal scrutiny and controversy due to the environmental and human rights impact. These pipelines have poor regulation, significant contributions to GHG emissions from pipe leakage and affect the rights of Indigenous people.
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 the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Quanta Services provides infrastructure solutions for the oil and gas industry. Companies involved in oil and gas services provide tailor-made products and services for the oil and gas sector including exploration and production.
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 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.
Total is a French-based global oil major (7th largest in the world by market cap). In 2024 they produced 1,947 thousand barrels of oil equivalent per day. They have plans to expand their oil and gas production by 3% in 2026 while claiming they will reduce their methane emissions by 70% by 2030.
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, 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, 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 source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Enel is one of the world's largests producers of renewable energy in the world and also holds a 70.1% stake in the energy company, Endesa. It generates around 7% of revenue from fossil fuels. However, the company generate 68% from renewables and have announced plans to be 100% renewable by 2040. 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 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, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in intensive poultry operations, including managing direct operations which raise birds or managing a network of contracted farmers, slaughtering, packaging and onward sale to wholesalers, retailers, and restaurant chains.
JBS is one of the world’s largest food companies and exporters of beef from Brazil. Multiple sources have traced JBS meat products to illegally deforested areas in the Amazon rainforest. JBS suppliers have allegedly carried out intensive style poultry farming, which includes inhumane conditions and violent treatment of animals. Through its subsidiary, Huon Aquaculture, JBS has been linked to the inhumane death of seals by using explosives at salmon farms in Tasmania.
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 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 low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Wells Fargo is a multinational financial services company which serves millions of customers in 35 countries. They have been involved in significant business ethics scandals for false inflation, cross selling and misleading customers over a period of 2002 to 2016.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Where companies are involved in, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.
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.
Glencore is a multinational commodity trading and mining company. Glencore has been repeatedly criticised for not having adequate policies in place to ensure that its palm oil suppliers in Southeast Asia do not engage in deforestation or other environmentally harmful practices. Glencore also operates mines in several countries, including Indonesia and the Democratic Republic of Congo, where the mining industry has been linked to deforestation and other environmental damage.
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 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.
The world’s largest social network (Facebook, Instagram, Messenger, WhatsApp). Company has faced claims and legal actions due to mental health harm (notably to young people), breaches of user privacy / data rights, and the spread of misinformation. Inadequate moderating in non-English speaking countries (e.g. Myanmar) allowed the platform to be used to incite ethnic violence. Removal of content moderation from strt of 2025 increases risk of social and political harm.
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.
A ride and food delivery service provider. As Uber considers its drivers to be contractors, this limits their employee rights to the minimum wage, and providing the same benefits and rights as traditional taxi companies.
Fund type: Defensive fund
Past Returns: *0.95%The Fund invests substantially all its assets in an underlying fund, which focuses on analysing fundamental, quantitative and technical factors across countries, sectors and issuers. This combines top down asset allocation and bottom-up security selection targeting diversified sources of portfolio return – including sector rotation, security selection, currencies and yield curve positioning. See the SIPO for more details.
| Value | $114M NZD |
| Period of data report | 31st March 2026 |
| Fund started | 7th March 2025 |
| Total annual fund fees | 0.47% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 0.47% |
| Other management and administration charges | 0.0% |
| Total other charges | 0.0 |
| Total other charges currency | NZD |
|
Andreas Michalitsianos |
Currently: Investment Manager (24 years, 1 months)
|
|
Nicholas Wall |
Currently: Investment Manager (6 years, 3 months)
|
|
Iain Stealey |
Currently: Investment Manager (23 years, 7 months)
|
|
Seamus Macgorain |
Currently: Investment Manager (16 years, 2 months)
|
|
Myles Bradshaw |
Currently: Investment Manager (7 years, 3 months)
|
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st March 2026.
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 |
|---|---|---|
| 2026 | 1.96% | 0.95% |
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 March 2026.
US Treasury N/B 3.5 31 Oct 2027
United States Int Fixed Interest AA+
Jpm USD Liquidity Lvnav X (Dist.)
United States Cash and Equivalents AAA
US Treasury N/B 3.375 29 Feb 2028
United States Int Fixed Interest AA+
Treasury Bill Dsc 23 Jun 2026
United States Int Fixed Interest AA+
US Treasury N/B 3.625 31 Oct 2030
United States Int Fixed Interest AA+
Bundesschatzanweisungen 2.0 16 Dec 2027 Regs
Germany Int Fixed Interest AAA
Bundesobligation 2.2 10 Oct 2030 Regs
Germany Int Fixed Interest AAA
US Treasury N/B 3.875 30 Jun 2030
United States Int Fixed Interest AA+
Bundesrepub. Deutschland 2.6 15 Aug 2035 Regs
Germany Int Fixed Interest AAA
Buoni Poliennali Del Tes 4.3 01 Oct 2054 Regs
Italy Int Fixed Interest BBB+
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 0.0% | 3.74% |
| New Zealand Fixed Interest | 0.0% | 0.0% |
| International Fixed Interest | 100.0% | 96.92% |
| 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% | -0.67% |
| 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 March 2026.
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 2026 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.
