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
-
Thermo Fisher Scientific 0.39%
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 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.
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Meta Platforms, Inc. 0.38%
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. 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.
-
Uber Technologies, Inc. 0.32%
Labour Rights Violations
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
Uber is a ride and food delivery service provider. Evidence shows the company has been prioritising revenue growth over driver welfare and user safety. As Uber considers its drivers to be contractors, this limits their employee rights to the minimum wage and other benefits, meaning drivers and vehicles are not subject to the labour standards expected from traditional taxi companies.
-
Thermo Fisher Scientific 0.39%
Animal Cruelty
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LVMH Moët Hennessy Louis Vuitton Se 1.43%
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 MOËT HENNESSY LOUIS VUITTON SE Animal Welfare Issues Fur & Speciality Leather
Uses exotic leather and fur products in its luxury ranges such as crocodile, python and ostrich. Brands containing exotic leather include Donna Karan, Louis Vuitton, Fendi, Bvlgari, Céline. In addition it sells cosmetics and fragrances in China where testing on animals is required.
-
Unilever PLC 1.20%
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.
UNILEVER PLC Animal Testing
Diversified personal-care, homecare, and packaged food company. The company states that its products are sold in countries where animal testing of cosmetic products is required by law.
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L'Oréal SA 0.15%
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.
L'ORÉAL SA Animal Testing
L'Oréal is a personal care company and cosmetics company concentrating on hair colour, skin care, sun protection, make-up, perfume, and hair care. The company states that its products are sold in countries where animal testing of cosmetic products is required by law.
-
LVMH Moët Hennessy Louis Vuitton Se 1.43%
Weapons
Fossil Fuels
-
Iberdrola Finanzas Sau 0.97%
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 0.48%
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 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.
-
Totalenergies Se 0.46%
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 SE Fossil Fuel Production
French based global oil major (7th largest in the world). In 2022 it produced 970 million barrels of oil and the company plans to expand their operations with an additional 7,970 million barrels in the short term (1-7 years). This planned term expansion overshoots the IEA Net-Zero Emissions Scenario by 57%.
-
E.On Se 0.22%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
-
Constellation Energy Corp. 0.19%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
-
Contact Energy Ltd. 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.
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.
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Karoon 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.
-
Viva Energy Group 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.
-
Beach Energy Ltd. 0.10%
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.
-
Wec Energy Group, Inc. 0.10%
Fossil Fuel Power Generation
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
-
Iberdrola Finanzas Sau 0.97%
1.5°C
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.
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 | $216M NZD |
| Period of data report | 30th Sept. 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, 6 months) |
|
Travis Murdoch |
Currently: Head of Fixed Income and Portfolio Manager (1 years, 11 months) |
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th Sept. 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 Sept. 2024.
Top 10 Investments
-
BNZ Call Account - NZD
New Zealand Cash and Equivalents AA-14.1% -
Westpac Term Deposit
New Zealand Cash and Equivalents AA-3.28% -
Transpower New Zealand Ltd 4.977% 29/11/2028
New Zealand Int Fixed Interest AA2.79% -
Morrison & Co High Conviction Infra Aus Feeder Nzh
New Zealand International Equities2.37% -
Jpmorgan Chase & Co 5.336% 23/01/2035
United States Int Fixed Interest A-2.17% -
Westpac New Zealand Ltd 4.337% 24/09/2029
New Zealand NZ Fixed Interest AA-1.52% -
Ibm 3.625% 06/02/2031
United States Int Fixed Interest A-1.45% -
LVMH 3.5% 07/09/2033
France Int Fixed Interest AA-1.43% -
Becton Dickinson & Co 3.519% 08/02/2031
United States Int Fixed Interest BBB1.43% -
Siemens AG 3.125% 22/05/2032
Netherlands Int Fixed Interest AA-1.41%
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 25.0% | 20.08% |
| New Zealand Fixed Interest | 15.0% | 14.51% |
| International Fixed Interest | 35.0% | 38.51% |
| Australasian Equities | 6.0% | 5.54% |
| International Equities | 19.0% | 21.35% |
| 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 Sept. 2024.