Funds
Milford Global Corporate Bond 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
Fossil Fuels
-
Santos Ltd 2.22%
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.
-
BP PLC 1.45%
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.
BP PLC Fossil Fuel Production
BP, headquartered in the UK, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company has as reportable segments: gas & low carbon energy, oil production & operations, customers & products, and Rosneft. Additionally, BP plc owns and operates crude oil and natural gas pipelines, processing facilities and NGLs extraction business.
Between 2020 and 2022, the company spent on average US$1,104 million per year on exploration activities alone. After generating 1,066 million barrels of oil in 2021, the company plans to expand their operations an additional 287% in the short term (1-7 years). The expansion is proposed to extend far and wide across the globe, including in Indonesia, India, Azerbaijan, UAE, Egypt, Mauritania, Brazil, Argentina, Bolivia, Trinidad and Tobago, USA and the UK. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 34.7%. -
Ampol Ltd 1.27%
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.
-
Santos Ltd 2.22%
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 31st March 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 Fund's objective is to protect capital and generate a positive NZD-hedged 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 global corporate fixed interest securities.
| Value | $325M NZD |
| Period of data report | 30th June 2024 |
| Fund started | 1st Feb. 2017 |
| Total annual fund fees | 0.85% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 0.84% |
| Other management and administration charges | 0.01% |
| Total other charges | 0.0 |
| Total other charges currency | NZD |
Key Personnel
|
Ian Robertson |
Currently: Senior Analyst (7 years, 2 months) |
|
Paul Morris |
Currently: Portfolio Manager (8 years, 5 months) |
|
Anthony Ip |
Currently: Portfolio Manager (1 years, 2 months) |
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th June 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 | 3.59% | 5.27% |
| 2023 | -0.79% | -2.18% |
| 2022 | -2.46% | -3.1% |
| 2021 | 2.15% | 6.76% |
| 2020 | 1.75% | 1.06% |
| 2019 | 2.76% | 2.42% |
| 2018 | 1.94% | 3.44% |
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 June 2024.
Top 10 Investments
-
EUR Cash Current Account (Hsbc)
Germany Cash and Equivalents A+3.71% -
USD Cash Current Account (Hsbc)
United States Cash and Equivalents A+3.29% -
Toll Brothers Finance Corporation 4.35% 15/02/2028
United States Int Fixed Interest BBB-2.98% -
Vodafone Group PLC 3.00% 27/08/2080
United Kingdom Int Fixed Interest BB+2.66% -
Close Brothers Group PLC 5.5% 01/04/2029
United States Int Fixed Interest BBB+2.59% -
Smurfit Kappa Treasury 5.2% 15/01/2030
Ireland Int Fixed Interest BBB-2.54% -
Santos Finance Ltd 5.25% 2029
Australia Int Fixed Interest BBB-2.51% -
Asciano Finance Ltd 4.75% 22/03/2028
Australia Int Fixed Interest BBB-2.43% -
American Tower 3.8% 15/08/2029
United States Int Fixed Interest BBB-2.39% -
Sba Communications Corporation 3.125% 01/02/2029
United States Int Fixed Interest BB2.28%
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 5.0% | 11.85% |
| New Zealand Fixed Interest | 0.0% | 0.0% |
| International Fixed Interest | 95.0% | 86.64% |
| 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% | 1.51% |
| 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 June 2024.