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 aggressive funds is 12.02%.
Companies of Concern
Animal Cruelty2.0%
Nutrien Ltd.
2.00%
2.00%
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.
Highly Hazardous Chemicals
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
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.
Uber Technologies, Inc.
Labour Rights Violations
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.
Environmental Harm2.0%
Nutrien Ltd.
2.00%
2.00%
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.
Highly Hazardous Chemicals
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Fund Provider Response
Nutrien’s Geismar, Louisiana site had waste from past fertiliser production, including phosphogypsum (a by-product of fertiliser production) piles and contaminated wastewater. In 2022, Nutrien agreed to a court-supervised clean-up that funds the work, sets deadlines, and requires independent oversight. The plan treats the water, closes and caps the phosphogypsum piles, while air emissions were reduced in a separate action. Nutrien also cancelled a planned ammonia project, at the site, which reduces environmental risks. Company reports show greenhouse gases and other air emissions trending down. Water risk is disclosed, with extra focus on sites that use more water.
Uber’s social controversies centred on safety, privacy, and labour. Safety has seen the most progress: recurring Safety Reports, stronger background checks, and cross-platform bans for offenders. Privacy oversight has moved to board level, supported by audits and formal governance. Labour risks vary by jurisdiction but now rest on clearer frameworks: “worker” status in the UK, minimum pay/benefits in California, and defined settlements elsewhere. Together, these reforms show structural control maturation. With safety disclosures, board-level privacy, and bounded labour frameworks, Pella assesses social risks as actively managed and no longer an investment barrier.
The Investment Manager believes it is possible to consistently generate excess returns by creating a diversified portfolio of highly cash flow generative companies with favourable outlooks that are trading at attractive valuations.
Value
$51.8M NZD
Period of data report
30th June 2025
Fund started
4th April 2025
Total annual fund fees
0.85%
Total performance based fees
0.0%
Manager's basic fee
0.85%
Other management and administration charges
0.0%
Total other charges
0.0
Total other charges currency
NZD
Key Personnel
Steven Glass
Currently: Managing Director & Investment Analyst (3 years, 10 months)
Previously: Deputy PM - Pengana (5 years, 8 months)
Jordan Cvetanovski
Currently: Chairman & CIO (3 years, 10 months)
Previously: PM - Pengana (5 years, 8 months)
Joy Yacoub
Currently: Head of Distribution (3 years, 10 months)
Previously: Distribution Director - Pengana (1 years, 8 months)
This information has been sourced from the quarterly data that each
fund has filed with
Disclose register to 30th June 2025.
No attachments
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
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
Cash At Bank (BNZ)
New Zealand
Cash and Equivalents
AA-
7.06%
Microsoft Corporation
United States
International Equities
4.95%
Schneider Electric Se
France
International Equities
4.92%
Nvidia Corp
United States
International Equities
4.77%
Taiwan Semiconductor-Sp Adr
United States
International Equities
4.48%
Asml Holding Nv
Netherlands
International Equities
4.26%
Marsh & Mclennan Cos Inc
United States
International Equities
3.78%
Vinci SA
France
International Equities
3.71%
Arthur J Gallagagh & Co
United States
International Equities
3.47%
3I Group PLC
United Kingdom
International Equities
3.41%
Type
Target
Actual
Cash and Cash Equivalents
5.0%
7.06%
New Zealand Fixed Interest
0.0%
0.0%
International Fixed Interest
0.0%
0.0%
Australasian Equities
0.0%
0.0%
International Equities
95.0%
92.94%
Listed Properties
0.0%
0.0%
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 30th May 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.
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.
Highly Hazardous Chemicals
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
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.
Uber Technologies, Inc.
Labour Rights Violations
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.
Environmental Harm
Nutrien Ltd.
2.00%
2.00%
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.
Highly Hazardous Chemicals
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Fund Provider Response
Nutrien’s Geismar, Louisiana site had waste from past fertiliser production, including phosphogypsum (a by-product of fertiliser production) piles and contaminated wastewater. In 2022, Nutrien agreed to a court-supervised clean-up that funds the work, sets deadlines, and requires independent oversight. The plan treats the water, closes and caps the phosphogypsum piles, while air emissions were reduced in a separate action. Nutrien also cancelled a planned ammonia project, at the site, which reduces environmental risks. Company reports show greenhouse gases and other air emissions trending down. Water risk is disclosed, with extra focus on sites that use more water.
Uber’s social controversies centred on safety, privacy, and labour. Safety has seen the most progress: recurring Safety Reports, stronger background checks, and cross-platform bans for offenders. Privacy oversight has moved to board level, supported by audits and formal governance. Labour risks vary by jurisdiction but now rest on clearer frameworks: “worker” status in the UK, minimum pay/benefits in California, and defined settlements elsewhere. Together, these reforms show structural control maturation. With safety disclosures, board-level privacy, and bounded labour frameworks, Pella assesses social risks as actively managed and no longer an investment barrier.
The Investment Manager believes it is possible to consistently generate excess returns by creating a diversified portfolio of highly cash flow generative companies with favourable outlooks that are trading at attractive valuations.
Value
$51.8M NZD
Period of data report
30th June 2025
Fund started
4th April 2025
Total annual fund fees
0.85%
Total performance based fees
0.0%
Manager's basic fee
0.85%
Other management and administration charges
0.0%
Total other charges
0.0
Total other charges currency
NZD
Key Personnel
Steven Glass
Currently: Managing Director & Investment Analyst (3 years, 10 months)
Previously: Deputy PM - Pengana (5 years, 8 months)
Jordan Cvetanovski
Currently: Chairman & CIO (3 years, 10 months)
Previously: PM - Pengana (5 years, 8 months)
Joy Yacoub
Currently: Head of Distribution (3 years, 10 months)
Previously: Distribution Director - Pengana (1 years, 8 months)
This information has been sourced from the quarterly data that each
fund has filed with
Disclose register to 30th June 2025.
No attachments
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
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
Cash At Bank (BNZ)
New Zealand
Cash and Equivalents
AA-
7.06%
Microsoft Corporation
United States
International Equities
4.95%
Schneider Electric Se
France
International Equities
4.92%
Nvidia Corp
United States
International Equities
4.77%
Taiwan Semiconductor-Sp Adr
United States
International Equities
4.48%
Asml Holding Nv
Netherlands
International Equities
4.26%
Marsh & Mclennan Cos Inc
United States
International Equities
3.78%
Vinci SA
France
International Equities
3.71%
Arthur J Gallagagh & Co
United States
International Equities
3.47%
3I Group PLC
United Kingdom
International Equities
3.41%
Type
Target
Actual
Cash and Cash Equivalents
5.0%
7.06%
New Zealand Fixed Interest
0.0%
0.0%
International Fixed Interest
0.0%
0.0%
Australasian Equities
0.0%
0.0%
International Equities
95.0%
92.94%
Listed Properties
0.0%
0.0%
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 30th May 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.
Pella Global Generations PIE Fund