Funds
PIE Conservative Fund
Issues of concern
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.
Key:
- Human Rights Violations
- Environmental Harm
- Animal Cruelty
- Weapons
- Fossil Fuels
- Social Harm
Companies of concern
Human Rights Violations
-
Wells Fargo & Company 1.30%
Business Ethics
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 & COMPANY Business Ethics
Well Fargo is one of the largest banks in the United States. From 2002 to 2016, Wells Fargo employees created 3.5 million unauthorised customer accounts to meet sales targets. These accounts generated improper fees and negatively affected customers' credit scores. The fake accounts, aggressive sales practices, alleged price fixing, and mistreatment of whistleblowers have led to lawsuits against Wells Fargo, raising concerns about the company's business ethics.
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Meta Platforms Inc-Class A 0.89%
Public Safety
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.
META PLATFORMS INC-CLASS A Public Safety
Meta is the world’s largest online social network consisting of the Facebook app, Instagram, Messenger, WhatsApp, and many features surrounding these products. The company has faced several investigations and legal action linked to privacy-related allegations, including its handling of user data, and breaches of user privacy. Meta has also been criticised for its poor governance model, as well as allowing its platform in non-English speaking countries to be used to incite ethnic violence.
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Thermo Fisher Scientific Inc 0.16%
Human Rights Abuses
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
THERMO FISHER SCIENTIFIC INC Human Rights Abuses
Thermo Fisher Scientific sells scientific instruments and laboratory equipment, diagnostics consumables, and life science reagents. Thermo Fisher DNA testing kits have been linked to surveillance and discriminatory purposes by the legal authorities in Xinjiang (a region of China) for monitoring and tracking the Muslim Uyghur ethnic group and other minorities. Evidence shows Thermo Fisher Scientific continues to supply DNA sequencing products to the Xinjiang region, despite the company announcing it would halt sales to the region in 2019.
-
Wells Fargo & Company 1.30%
Animal Cruelty
-
LVMH Moet Hennessy Vuitt 1.48%
Animal Welfare Issues
Where companies, through their products or operations, cause harm to animals e.g., animal entertainment (such as marine parks and rodeos), livestock exports, whale meat etc.
Fur & Speciality Leather
Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).
-
Unilever Finance 1.19%
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.
-
LVMH Moet Hennessy Louis Vui 0.12%
Animal Welfare Issues
Where companies, through their products or operations, cause harm to animals e.g., animal entertainment (such as marine parks and rodeos), livestock exports, whale meat etc.
Fur & Speciality Leather
Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).
-
LVMH Moet Hennessy Vuitt 1.48%
Weapons
Fossil Fuels
-
Totalenergies Cap Intl 1.65%
Fossil Fuel Production
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.
TOTALENERGIES CAP INTL Fossil Fuel Production
TotalEnergies, headquartered in France, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company engages in oil and gas exploration, production, refining, storage and transportation, as well as in the production of petrochemicals and specialty chemicals. Production of hydrocarbons in 2021 was 998.2 mmboe. Expansion countries include Uganda, Australia, Papua New Guinea, Azerbaijan, Iraq, Qatar, UAE, Oman, Egypt, Libya, Kenya, Mozambique, Angola, Congo, Cameroon, Nigeria, Brazil, Argentina, USA, Norway, Denmark, Russia. Currently 6854.0mmboe resources under development as of 2022. Overshoots the IEA NZA Expansion by 48.0%. Exploration CAPEX is 1012.8 MUSD (3-year average 2020-2022).
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Iberdrola Finanzas Sau 0.95%
1.5°C
This company is on a 1.5°C pathway
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
-
Iberdrola SA 0.38%
1.5°C
This company is on a 1.5°C pathway
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
IBERDROLA SA Fossil Fuel Power Generation
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.
-
Total SA 0.38%
Fossil Fuel Production
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.
-
Contact Energy Ltd 0.25%
1.5°C
This company is on a 1.5°C pathway
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
CONTACT ENERGY LTD Fossil Fuel Power Generation
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.
-
Constellation Energy 0.23%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
-
Wec Energy Group Inc 0.17%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
-
National Grid PLC 0.14%
Fossil Fuel Production
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.
-
Enel Spa 0.13%
1.5°C
This company is on a 1.5°C pathway
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
ENEL SPA Fossil Fuel Power Generation
Enel is Europe’s largest electric utilities company by market capitalisation and holds a 70.1% stake in the energy company, Endesa. Evidence shows that energy generated from fossil fuels accounts for 15% of the company’s revenues. However, the company have announced plans to abandon coal by 2027 and gas by 2040, while investing significantly in expanding their renewable energy capacity. By 2030, the company expects to have invested a total of EUR €70 billion in renewable energy. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
-
Karoon Energy Ltd 0.12%
Fossil Fuel Production
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.
-
Beach Energy Ltd 0.11%
Fossil Fuel Production
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.
-
Orsted A/S 0.11%
1.5°C
This company is on a 1.5°C pathway
Fossil Fuel Production
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.
ORSTED A/S Fossil Fuel Production
Ørsted is a Danish power company and Europe’s largest producer of electricity from offshore wind power. The company was previously named Danish Oil and Natural Gas but has now transitioned to generate 91% of its power from renewable sources. The company had previously set a target of ending coal generation by 2023, however, the Danish government recently required the company to extend the operation of its two remaining coal plants to June 2024, along with one oil plant. Ørsted still stands by an overall target of net-zero emissions by 2040 with an interim goal of generating 100% renewable electricity by 2025. Therefore, the company is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
-
Southern Co 0.11%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
-
Viva Energy Group Ltd 0.09%
Fossil Fuel Production
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.
-
Entergy Corp 0.07%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
-
Totalenergies Cap Intl 1.65%
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 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.
About this fund
In their own words
The Conservative Fund seeks to preserve members’ capital, with some capital growth, which outperforms the market index. The Fund is a diversified fund investing primarily in fixed interest securities and some cash, with an allocation to equities either directly or through products issued by Pie Funds.
| Value | $180M NZD |
| Period of data report | 30th June 2024 |
| Fund started | 15th April 2015 |
| Total annual fund fees | 0.77% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 0.76% |
| Other management and administration charges | 0.01% |
| Total other charges | 0.0 |
| Total other charges currency | NZD |
Key Personnel
|
Michael Taylor |
Currently: Executive Director and Chief Investment Officer (2 years, 3 months) |
|
Travis Murdoch |
Currently: Head of Fixed Income and Portfolio Manager (1 years, 8 months) |
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th June 2024.
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 |
|---|---|---|
| 2024 | 5.67% | 7.68% |
| 2023 | -1.56% | -0.13% |
| 2022 | -0.50% | 0.12% |
| 2021 | 8.70% | 8.04% |
| 2020 | -0.05% | 0.14% |
| 2019 | 4.31% | 2.73% |
| 2018 | 3.39% | 4.69% |
| 2017 | 3.28% | 4.33% |
| 2016 | 2.92% | 3.4% |
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 2024.
Top 10 Investments
-
BNZ Call Account - NZD
New Zealand Cash and Equivalents AA-13.81% -
Morrison & Co High Conviction Infra Fund
New Zealand International Equities3.06% -
Westpac Term Deposit
New Zealand Cash and Equivalents AA-3.0% -
NZ Government 4.25% 15/05/2034
New Zealand NZ Fixed Interest AAA2.85% -
Westpac Term Deposit
New Zealand Cash and Equivalents AA-2.47% -
Jpmorgan Chase & Co 5.336% 23/01/2035
United States Int Fixed Interest A-2.23% -
Pfizer Inc 4.65% 19/05/2030
Singapore Int Fixed Interest A1.95% -
Contact Energy Ltd 6.398% 21/11/2030
New Zealand Int Fixed Interest BBB1.81% -
NZ Government 0.25% 15/05/2028
New Zealand NZ Fixed Interest AAA1.58% -
LVMH 3.5% 07/09/2033
France Int Fixed Interest AA-1.46%
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 25.0% | 20.55% |
| New Zealand Fixed Interest | 15.0% | 16.41% |
| International Fixed Interest | 35.0% | 38.43% |
| Australasian Equities | 6.0% | 6.16% |
| International Equities | 19.0% | 18.45% |
| 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 against the fund's targets.
Target
Actual
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th June 2024.