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

    • Genesis Energy Ltd 0.77%
    • Contact Energy Ltd 0.43% 1.5°C
      This company is on a 1.5°C pathway

Fund Provider Response

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. Please see our website for a deeper explanation of our approach and examples of our engagement activities and outcomes: https://milfordasset.com/about-us/sustainable-investing

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. 2023 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

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 $1.45B NZD
Period of data report 30th Sept. 2023
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 (6 years, 5 months)
Previously: Associate Director Leverage Finance at ANZ Bank, New Zealand (2 years, 8 months)

Paul Morris

Currently: Portfolio Manager (7 years, 8 months)
Previously: Head of Portfolio Strategy and Fixed Income at Macquarie Private Wealth, New Zealand (4 years, 6 months)

Anthony Ip

Currently: Portfolio Manager (0 years, 5 months)
Previously: Head of Australia Credit Trading and Strategy at Citigroup Global Markets, Australia (8 years, 6 months)

This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th Sept. 2023.

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
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 30th Sept. 2023.

Top 10 Investments

  • NZ Government Inflation Indexed 2.00% 20/09/2025
    New Zealand NZ Fixed Interest AAA
    7.1%
  • NZ Local Government Funding 4.5% 15/05/2030
    New Zealand NZ Fixed Interest AAA
    3.2%
  • Bank Of New Zealand 5.87% 01/09/2028
    New Zealand NZ Fixed Interest AA-
    3.12%
  • NZ Local Government Funding 1.5% 15/04/2026
    New Zealand NZ Fixed Interest AAA
    2.5%
  • AUD Cash Current Account (Hsbc)
    Australia Cash and Equivalents A+
    2.49%
  • New Zealand Government Bond 3.5% 14/04/2033
    New Zealand NZ Fixed Interest AAA
    2.46%
  • Housing New Zealand 3.42% 18/10/2028
    New Zealand NZ Fixed Interest AAA
    2.38%
  • NZ Local Government Funding 1.5% 20/04/2029
    New Zealand NZ Fixed Interest AAA
    2.22%
  • Gta Finance Company 2.2% 26/08/2027
    Australia Int Fixed Interest BBB
    2.05%
  • Westpac 5% 19/09/2028
    Australia Int Fixed Interest AA-
    1.89%
Type Target Actual
Cash and Cash Equivalents 3.0% 3.22%
New Zealand Fixed Interest 48.5% 48.67%
International Fixed Interest 48.5% 47.65%
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% 0.46%
Commodities 0.0% 0.0%

Investment Mix

How the money in this fund is invested against the fund's targets.

This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th Sept. 2023.