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.
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.
Genesis produces electricity from plants and distributes gas. They are expanding their portfolio of renewable assets (wind, solar farms and hydro) and options to reduce emissions from Huntly (battery technology and biomass use). However, in 2025 their total GHG emissions increased compared to FY24, driven by a 33% rise in Scope 3 emissions - primarily from the Huntly Power Station (Coal & Gas).
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 | $2.14B NZD |
| Period of data report | 31st March 2026 |
| 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: Head of Investment Operations (0 years, 4 months)
|
|
Paul Morris |
Currently: Portfolio Manager (10 years, 2 months)
|
|
Anthony Ip |
Currently: Portfolio Manager (2 years, 11 months)
|
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st March 2026.
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 |
|---|---|---|
| 2026 | 1.96% | 1.88% |
| 2025 | 3.78% | 4.91% |
| 2024 | 3.39% | 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% |
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 2026.
New Zealand Local Government Funding Agency Ltd 3.5% 14/04/2033
New Zealand NZ Fixed Interest AAA
Housing New Zealand Ltd 2.183% 24/04/2030
New Zealand NZ Fixed Interest AAA
Housing New Zealand Ltd 3.42% 18/10/2028
New Zealand NZ Fixed Interest AAA
New Zealand Local Government Funding Agency Ltd 4.5% 15/05/2030
New Zealand NZ Fixed Interest AAA
New Zealand Local Government Funding Agency Ltd 2.25% 15/05/2031
New Zealand NZ Fixed Interest AAA
Westpac Banking Corporation 5.141% 12/02/2031
Australia Int Fixed Interest AA-
Cppib Capital Inc. 4.75% 15/01/2031
Canada Int Fixed Interest AAA
Dbs Bank Ltd 5.065% 13/02/2031
Australia Int Fixed Interest AA1
Banque Fédérative Du Crédit Mutuel 4.99% 06/01/2031
France Int Fixed Interest A+
Bank Of New Zealand 4.354% 28/01/2031
New Zealand NZ Fixed Interest AA-
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 3.0% | 3.12% |
| New Zealand Fixed Interest | 48.5% | 51.31% |
| International Fixed Interest | 48.5% | 45.57% |
| 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 March 2026.
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 2026 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.
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.
Genesis produces electricity from plants and distributes gas. They are expanding their portfolio of renewable assets (wind, solar farms and hydro) and options to reduce emissions from Huntly (battery technology and biomass use). However, in 2025 their total GHG emissions increased compared to FY24, driven by a 33% rise in Scope 3 emissions - primarily from the Huntly Power Station (Coal & Gas).
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 | $2.14B NZD |
| Period of data report | 31st March 2026 |
| 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: Head of Investment Operations (0 years, 4 months)
|
|
Paul Morris |
Currently: Portfolio Manager (10 years, 2 months)
|
|
Anthony Ip |
Currently: Portfolio Manager (2 years, 11 months)
|
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st March 2026.
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 |
|---|---|---|
| 2026 | 1.96% | 1.88% |
| 2025 | 3.78% | 4.91% |
| 2024 | 3.39% | 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% |
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 2026.
New Zealand Local Government Funding Agency Ltd 3.5% 14/04/2033
New Zealand NZ Fixed Interest AAA
Housing New Zealand Ltd 2.183% 24/04/2030
New Zealand NZ Fixed Interest AAA
Housing New Zealand Ltd 3.42% 18/10/2028
New Zealand NZ Fixed Interest AAA
New Zealand Local Government Funding Agency Ltd 4.5% 15/05/2030
New Zealand NZ Fixed Interest AAA
New Zealand Local Government Funding Agency Ltd 2.25% 15/05/2031
New Zealand NZ Fixed Interest AAA
Westpac Banking Corporation 5.141% 12/02/2031
Australia Int Fixed Interest AA-
Cppib Capital Inc. 4.75% 15/01/2031
Canada Int Fixed Interest AAA
Dbs Bank Ltd 5.065% 13/02/2031
Australia Int Fixed Interest AA1
Banque Fédérative Du Crédit Mutuel 4.99% 06/01/2031
France Int Fixed Interest A+
Bank Of New Zealand 4.354% 28/01/2031
New Zealand NZ Fixed Interest AA-
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 3.0% | 3.12% |
| New Zealand Fixed Interest | 48.5% | 51.31% |
| International Fixed Interest | 48.5% | 45.57% |
| 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 March 2026.
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 2026 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.
