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 companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Genesis Energy is engaged in energy generation, trading and selling of electricity, and owns a portfolio of fossil fuel and renewable generation assets across New Zealand. Evidence shows that thermal generation from gas represents a significant portion of the company's total power generation (from the Huntly power station), and that oil and gas power revenues represent approximately 35% of the company's total revenue.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
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.
At Milford, we are acutely aware of our capacity as shareholders to drive positive change. Rather than just avoid harm, we believe it is our duty to use our seat at the table to help drive the transition to a more sustainable future. We use our detailed research to enable educated conversations with the companies we invest in and push them to deliver better outcomes via sustainability targets, action and reporting. Please see our website for a deeper explanation of our approach and examples in our latest engagement activities and outcomes report: https://milfordasset.com/Engagement-Activity-and-Outcomes
The Fund's objective is to generate a positive, low volatility return after the base fund fee but before tax, that exceeds the relevant benchmark over the minimum recommended investment timeframe of three years. It primarily invests in trans-Tasman fixed interest securities.
| Value | $1.42B NZD |
| Period of data report | 31st Dec. 2024 |
| Fund started | 2nd Dec. 2013 |
| Total annual fund fees | 0.65% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 0.64% |
| Other management and administration charges | 0.01% |
| Total other charges | 0.0 |
| Total other charges currency | NZD |
|
Ian Robertson |
Currently: Senior Analyst (7 years, 8 months)
|
|
Paul Morris |
Currently: Portfolio Manager (8 years, 11 months)
|
|
Anthony Ip |
Currently: Portfolio Manager (1 years, 8 months)
|
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st Dec. 2024.
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 | 3.59% | 4.73% |
| 2023 | -0.79% | 0.86% |
| 2022 | -2.46% | -3.81% |
| 2021 | 2.15% | 3.26% |
| 2020 | 1.75% | 2.73% |
| 2019 | 2.76% | 3.61% |
| 2018 | 1.94% | 3.54% |
| 2017 | 1.52% | 3.16% |
| 2016 | 2.91% | 2.93% |
| 2015 | 5.21% | 6.66% |
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 Dec. 2024.
NZ Local Government Funding 4.5% 15/05/2030
New Zealand NZ Fixed Interest AAA
Westpac 5.618% 20/11/2035
Australia Int Fixed Interest A-
NZ Government Inflation Indexed 2.00% 20/09/2025
New Zealand NZ Fixed Interest AAA
AUD Cash Current Account (Hsbc)
Australia Cash and Equivalents AA-
NZ Local Government Funding 1.5% 15/04/2026
New Zealand NZ Fixed Interest AAA
Progress Trust Rmbs 5.29% 24/06/2050
Australia Int Fixed Interest AAA
Housing New Zealand 3.42% 18/10/2028
New Zealand NZ Fixed Interest AAA
NZ Local Government Funding 1.5% 20/04/2029
New Zealand NZ Fixed Interest AAA
Origin Energy Finance Ltd 5.35% 26/09/2031
Australia Int Fixed Interest BBB
Gta Finance Company 2.2% 26/08/2027
Australia Int Fixed Interest BBB
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 3.0% | 7.28% |
| New Zealand Fixed Interest | 48.5% | 48.44% |
| International Fixed Interest | 48.5% | 44.28% |
| 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% | 0.0% |
| 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 Dec. 2024.
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.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Genesis Energy is engaged in energy generation, trading and selling of electricity, and owns a portfolio of fossil fuel and renewable generation assets across New Zealand. Evidence shows that thermal generation from gas represents a significant portion of the company's total power generation (from the Huntly power station), and that oil and gas power revenues represent approximately 35% of the company's total revenue.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
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.
At Milford, we are acutely aware of our capacity as shareholders to drive positive change. Rather than just avoid harm, we believe it is our duty to use our seat at the table to help drive the transition to a more sustainable future. We use our detailed research to enable educated conversations with the companies we invest in and push them to deliver better outcomes via sustainability targets, action and reporting. Please see our website for a deeper explanation of our approach and examples in our latest engagement activities and outcomes report: https://milfordasset.com/Engagement-Activity-and-Outcomes
The Fund's objective is to generate a positive, low volatility return after the base fund fee but before tax, that exceeds the relevant benchmark over the minimum recommended investment timeframe of three years. It primarily invests in trans-Tasman fixed interest securities.
| Value | $1.42B NZD |
| Period of data report | 31st Dec. 2024 |
| Fund started | 2nd Dec. 2013 |
| Total annual fund fees | 0.65% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 0.64% |
| Other management and administration charges | 0.01% |
| Total other charges | 0.0 |
| Total other charges currency | NZD |
|
Ian Robertson |
Currently: Senior Analyst (7 years, 8 months)
|
|
Paul Morris |
Currently: Portfolio Manager (8 years, 11 months)
|
|
Anthony Ip |
Currently: Portfolio Manager (1 years, 8 months)
|
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st Dec. 2024.
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 | 3.59% | 4.73% |
| 2023 | -0.79% | 0.86% |
| 2022 | -2.46% | -3.81% |
| 2021 | 2.15% | 3.26% |
| 2020 | 1.75% | 2.73% |
| 2019 | 2.76% | 3.61% |
| 2018 | 1.94% | 3.54% |
| 2017 | 1.52% | 3.16% |
| 2016 | 2.91% | 2.93% |
| 2015 | 5.21% | 6.66% |
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 Dec. 2024.
NZ Local Government Funding 4.5% 15/05/2030
New Zealand NZ Fixed Interest AAA
Westpac 5.618% 20/11/2035
Australia Int Fixed Interest A-
NZ Government Inflation Indexed 2.00% 20/09/2025
New Zealand NZ Fixed Interest AAA
AUD Cash Current Account (Hsbc)
Australia Cash and Equivalents AA-
NZ Local Government Funding 1.5% 15/04/2026
New Zealand NZ Fixed Interest AAA
Progress Trust Rmbs 5.29% 24/06/2050
Australia Int Fixed Interest AAA
Housing New Zealand 3.42% 18/10/2028
New Zealand NZ Fixed Interest AAA
NZ Local Government Funding 1.5% 20/04/2029
New Zealand NZ Fixed Interest AAA
Origin Energy Finance Ltd 5.35% 26/09/2031
Australia Int Fixed Interest BBB
Gta Finance Company 2.2% 26/08/2027
Australia Int Fixed Interest BBB
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 3.0% | 7.28% |
| New Zealand Fixed Interest | 48.5% | 48.44% |
| International Fixed Interest | 48.5% | 44.28% |
| 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% | 0.0% |
| 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 Dec. 2024.
