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%.
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.
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 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 companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Produces electricity from plants and distributes gas. Is expanding its portfolio of renewable assets (wind & solar farms + hydro) and options to reduce emissions from Huntly (Battery technology and biomass use). However, in 2023 35% of revenue came from fossil fuel generation - Huntley Power Station (Coal & Gas) and sales of gas from the Kupe field.
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 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 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, 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.
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 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 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 source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
One of Aotearoa New Zealand’s largest electric utilities companies. Operates three thermal power stations that employ gas and diesel. In FY2024, 81% of the energy Contact generated came from renewable energy (lower than in 2023 due to a dry winter). However, at the end of 2024 Contact opened a major new geothermal renewable facility - the Tauhara plant. It is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
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.
Bunge is a global agribusiness and food company, and one of the world’s largest soybean traders. Bunge has been repeatedly criticised for not doing enough to ensure that its soybean and palm oil suppliers do not engage in deforestation or other environmentally harmful practices. Bunge has also been accused of buying beef from suppliers that engage in illegal deforestation and land grabbing.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Owns the Grasberg mine in Indonesia where tailings are disposed directly into a river. Note, this type of disposal is banned in most countries. The pollution causes significant negative impact to the health of indigenous communities and wildlife in a biodiversity hotspot.
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.
Fonterra ranks as the fifth largest source of greenhouse gas emissions among agri-food companies globally. This position is reflective of the heavy environmental footprint of the dairy industry, notably of methane (GHG) produced by dairy herds and other harm from intensive dairy farming practices such as through high nitrogen runoff into rivers, which flow into oceans.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
The world’s second largest source of plastic garbage in the world’s oceans, which has devastating impacts on our oceans, wreaking havoc on wildlife and sending plastic particles into the food chain. Alongside other large companies who use plastics, PepsiCo appeared to lobby against some improvements propopsed by the Global Plastics Treaty.
The fund is a diversified fund that aims to generate a positive return above inflation and to actively respond to changing market conditions with a flexible approach to investing. Environmental, Social and Governance characteristics are integrated into the underlying investment managers' investment processes. The fund aims to provide a Real Return of greater than 4% per annum over a rolling five-year period.
| Value | $3.94M NZD |
| Period of data report | 31st March 2025 |
| Fund started | 11th Dec. 2013 |
| Total annual fund fees | 1.48% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 1.15% |
| Other management and administration charges | 0.33% |
| Total other charges | 0.0 |
| Total other charges currency | NZD |
|
Ross Butler |
Currently: Chair - Mercer (N.Z.) Ltd (1 years, 11 months)
|
|
Martin Lewington |
Currently: CEO - Mercer (N.Z.) Ltd (16 years, 1 months)
|
|
Kylie Willment |
Currently: Chief Investment Officer, Pacific, Mercer Australia (Pty) Ltd (7 years, 5 months)
|
|
Padraig Brown |
Currently: Chief Investment Officer - New Zealand, Mercer (N.Z.) Ltd (2 years, 10 months)
|
|
Robert Kavanagh |
Currently: Head of Portfolio Management NZ - Mercer (N.Z.) Ltd (11 years, 0 months)
|
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st March 2025.
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 |
|---|---|---|
| 2025 | 4.07% | 1.84% |
| 2024 | 15.78% | 2.7% |
| 2023 | -4.85% | -2.82% |
| 2022 | 3.53% | 1.01% |
| 2021 | 35.55% | 13.52% |
| 2020 | -7.06% | -5.14% |
| 2019 | 10.17% | -0.42% |
| 2018 | 7.53% | 2.51% |
| 2017 | 9.49% | 6.75% |
| 2016 | 4.71% | -0.11% |
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 2025.
Macquarie Real Return Opportunities Fund
Australia Other
New Zealand Local Government Funding Agency Bond 2.75% Maturing 15/04/25
New Zealand Cash and Equivalents AAA
ASB Bank Limited Rcd Maturing 23/06/2025
New Zealand Cash and Equivalents AA-
Westpac New Zealand Limited Rcd Maturing 17/06/2025
New Zealand Cash and Equivalents AA-
ASB Bank Limited Rcd Maturing 23/05/2025
New Zealand Cash and Equivalents AA-
Westpac New Zealand Limited Rcd Maturing 28/05/2025
New Zealand Cash and Equivalents AA-
Rabobank Nederland Frn 16/06/25
New Zealand Cash and Equivalents A+
Westpac New Zealand Limited Rcd Maturing 11/07/2025
New Zealand Cash and Equivalents AA-
Westpac New Zealand Limited Rcd Maturing 21/07/2025
New Zealand Cash and Equivalents AA-
Transpower New Zealand Limited Bond 1.735% 04/09/2025
New Zealand Cash and Equivalents AA
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 5.0% | 5.96% |
| New Zealand Fixed Interest | 0.0% | 0.0% |
| International Fixed Interest | 0.0% | 0.0% |
| 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 | 95.0% | 94.04% |
| 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 2025.
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 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.
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.
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 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 companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Produces electricity from plants and distributes gas. Is expanding its portfolio of renewable assets (wind & solar farms + hydro) and options to reduce emissions from Huntly (Battery technology and biomass use). However, in 2023 35% of revenue came from fossil fuel generation - Huntley Power Station (Coal & Gas) and sales of gas from the Kupe field.
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 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 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, 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.
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 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 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 source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
One of Aotearoa New Zealand’s largest electric utilities companies. Operates three thermal power stations that employ gas and diesel. In FY2024, 81% of the energy Contact generated came from renewable energy (lower than in 2023 due to a dry winter). However, at the end of 2024 Contact opened a major new geothermal renewable facility - the Tauhara plant. It is considered to be on a climate change pathway aligned with 1.5°C of global temperature rise.
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.
Bunge is a global agribusiness and food company, and one of the world’s largest soybean traders. Bunge has been repeatedly criticised for not doing enough to ensure that its soybean and palm oil suppliers do not engage in deforestation or other environmentally harmful practices. Bunge has also been accused of buying beef from suppliers that engage in illegal deforestation and land grabbing.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Owns the Grasberg mine in Indonesia where tailings are disposed directly into a river. Note, this type of disposal is banned in most countries. The pollution causes significant negative impact to the health of indigenous communities and wildlife in a biodiversity hotspot.
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.
Fonterra ranks as the fifth largest source of greenhouse gas emissions among agri-food companies globally. This position is reflective of the heavy environmental footprint of the dairy industry, notably of methane (GHG) produced by dairy herds and other harm from intensive dairy farming practices such as through high nitrogen runoff into rivers, which flow into oceans.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
The world’s second largest source of plastic garbage in the world’s oceans, which has devastating impacts on our oceans, wreaking havoc on wildlife and sending plastic particles into the food chain. Alongside other large companies who use plastics, PepsiCo appeared to lobby against some improvements propopsed by the Global Plastics Treaty.
The fund is a diversified fund that aims to generate a positive return above inflation and to actively respond to changing market conditions with a flexible approach to investing. Environmental, Social and Governance characteristics are integrated into the underlying investment managers' investment processes. The fund aims to provide a Real Return of greater than 4% per annum over a rolling five-year period.
| Value | $3.94M NZD |
| Period of data report | 31st March 2025 |
| Fund started | 11th Dec. 2013 |
| Total annual fund fees | 1.48% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 1.15% |
| Other management and administration charges | 0.33% |
| Total other charges | 0.0 |
| Total other charges currency | NZD |
|
Ross Butler |
Currently: Chair - Mercer (N.Z.) Ltd (1 years, 11 months)
|
|
Martin Lewington |
Currently: CEO - Mercer (N.Z.) Ltd (16 years, 1 months)
|
|
Kylie Willment |
Currently: Chief Investment Officer, Pacific, Mercer Australia (Pty) Ltd (7 years, 5 months)
|
|
Padraig Brown |
Currently: Chief Investment Officer - New Zealand, Mercer (N.Z.) Ltd (2 years, 10 months)
|
|
Robert Kavanagh |
Currently: Head of Portfolio Management NZ - Mercer (N.Z.) Ltd (11 years, 0 months)
|
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st March 2025.
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 |
|---|---|---|
| 2025 | 4.07% | 1.84% |
| 2024 | 15.78% | 2.7% |
| 2023 | -4.85% | -2.82% |
| 2022 | 3.53% | 1.01% |
| 2021 | 35.55% | 13.52% |
| 2020 | -7.06% | -5.14% |
| 2019 | 10.17% | -0.42% |
| 2018 | 7.53% | 2.51% |
| 2017 | 9.49% | 6.75% |
| 2016 | 4.71% | -0.11% |
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 2025.
Macquarie Real Return Opportunities Fund
Australia Other
New Zealand Local Government Funding Agency Bond 2.75% Maturing 15/04/25
New Zealand Cash and Equivalents AAA
ASB Bank Limited Rcd Maturing 23/06/2025
New Zealand Cash and Equivalents AA-
Westpac New Zealand Limited Rcd Maturing 17/06/2025
New Zealand Cash and Equivalents AA-
ASB Bank Limited Rcd Maturing 23/05/2025
New Zealand Cash and Equivalents AA-
Westpac New Zealand Limited Rcd Maturing 28/05/2025
New Zealand Cash and Equivalents AA-
Rabobank Nederland Frn 16/06/25
New Zealand Cash and Equivalents A+
Westpac New Zealand Limited Rcd Maturing 11/07/2025
New Zealand Cash and Equivalents AA-
Westpac New Zealand Limited Rcd Maturing 21/07/2025
New Zealand Cash and Equivalents AA-
Transpower New Zealand Limited Bond 1.735% 04/09/2025
New Zealand Cash and Equivalents AA
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 5.0% | 5.96% |
| New Zealand Fixed Interest | 0.0% | 0.0% |
| International Fixed Interest | 0.0% | 0.0% |
| 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 | 95.0% | 94.04% |
| 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 2025.
