BNZ Youwealth Moderate Fund

Not Mindful

Type: Conservative fund

Past Returns: *1.42%

Average annual returns over the past 3 years, after fees and taxes. * indicates less than 3 years of data.

Annual Fees: 1.2%

Annual fees, including any membership and % management fee.

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.

Fossil Fuel

Abu Dhabi National Energy Co PJSC 3.625 12/01/2023 0.02%
Aes Corp 0.01%
Aker BP Asa 3.000 15/01/2025 0.01%
Alliant Energy Corp 0.01%
Anglo American Capital PLC 4.125 15/04/2021 0.02%
Anglo American PLC 0.01%
Archer-Daniels-Midland Co 0.01%
BHP Billiton Finance Ltd 3 29/05/2024 0.01%
BHP Billiton Finance Ltd 3.25 25/09/2024 0.01%
BHP Group PLC 0.02%
BP Capital Markets America Inc 2.112 16/09/2021 0.01%
BP Capital Markets America Inc 2.75 10/05/2023 0.01%
BP Capital Markets America Inc 3.937 21/09/2028 0.01%
BP Capital Markets PLC 0.831% 08/11/2027 0.02%
BP Capital Markets PLC 1.573 16/02/2027 0.01%
BP Capital Markets PLC 1.827 8/09/2025 0.01%
Cabot Oil & Gas Corp 0.01%
Cez As 0.875 02/12/2026 0.01%
Cheniere Energy Inc 0.01%
Chevron Corporation 0.09%
Chevron Phillips Chem Co 3.300 01/05/2023 0.01%
China Petroleum & Chemical - H 0.01%
Cms Energy Corp 0.01%
Cnooc Finance 2013 Ltd 2.875 30/09/2029 0.02%
Cnooc Ltd 0.01%
Concho Resources Inc 0.01%
Conocophillips 0.02%
Conocophillips Holding Co 6.95 15/04/2029 0.01%
Dominion Energy Inc 0.04%
Dominion Energy Inc 2 15/08/2021 0.01%
Dte Energy Co 0.01%
Enbridge Inc 0.04%
Energy Transfer Operating Lp 6.5 1/02/2042 0.01%
Engie SA 0.01%
Engie SA 0.500 24/10/2030 0.01%
Engie SA 1.875 19/09/2033 0.01%
Engie SA 2.625 20/07/2022 0.01%
Engie SA 7 30/10/2028 0.01%
Eni Spa 0.02%
Eni Spa 3.75 12/09/2025 0.01%
Eog Resources Inc 0.01%
Equinor Asa 0.01%
Equinor Asa 1.25 17/02/2027 0.01%
Equinor Asa 3.15 23/01/2022 0.01%
Equinor Asa 3.25 10/11/2024 0.01%
Equinor Asa 3.95 15/05/2043 0.01%
Exxon Mobil Corp 0.11%
Firstenergy Corp 0.01%
Firstenergy Corp 7.375 15/11/2031 0.01%
Gazprom (Gaz Capital SA) 5.150 11/02/2026 0.02%
Gazprom Ord Shs 0.02%
Glencore Finance Europe Ltd 1.875 13/09/2023 0.01%
Glencore Funding Llc 4.875 12/03/2029 0.01%
Glencore PLC 0.01%
Hess Corp 0.01%
Hess Corp 7.125 15/03/2033 0.01%
Husky Energy Inc 3.95 15/04/2022 0.01%
Jxtg Holdings Inc 0.01%
Kinder Morgan Inc/De 0.02%
Kinder Morgan Inc/De 5.55 1/06/2045 0.01%
Korea Gas Corp 28/11/2023 0.01%
Lukoil PJSC 0.02%
Marathon Petroleum Corp 0.01%
Marubeni Corp 0.01%
Neste Oyj 0.01%
Nextera Energy Inc 0.08%
Nrg Energy Inc 0.01%
Occidental Petroleum Corp 0.01%
OMV AG 4.25 12/10/2021 0.01%
Oneok Inc 0.01%
Pacificorp 6.1 1/08/2036 0.01%
Pembina Pipeline Corp 0.01%
Petrochina Co Ltd-H 0.01%
Petroleo Brasileiro SA Petrobras 0.02%
Petroleos Mexicanos 5.35 12/02/2028 0.01%
Petroleos Mexicanos 6.35 12/02/2048 0.01%
Phillips 66 0.01%
Pioneer Natural Resources Co 0.01%
Ptt Pcl - Foreign 0.01%
Puget Sound Energy Inc 5.795 15/03/2040 0.01%
Reliance Industries Ltd 0.03%
Repsol International Finance Bv 0.25 2/08/2027 0.01%
Repsol SA 0.01%
Royal Dutch Shell PLC - B Shs 0.04%
Royal Dutch Shell PLC-A Shs 0.05%
Rwe AG 0.01%
Shell International Finance Bv 1.625 20/01/2027 0.01%
Shell International Finance Bv 3.4 12/08/2023 0.01%
Shell International Finance Bv 4.375 11/05/2045 0.01%
Sinopec Group Overseas Development 2013 Ltd 5.375 17/10/2043 0.02%
Snam Spa 0.01%
Suez 1.5 3/04/2029 0.01%
Sunoco Logistics Partners Operations Lp 3.9 15/07/2026 0.01%
Tenaga Nasional Bhd 0.01%
Total Capital International SA 0.696 31/05/2028 0.01%
Total Capital International SA 2.125 19/11/2021 0.01%
Total Capital International SA 3.455 19/02/2029 0.01%
Total SA 0.06%
Total SA 2.625 Perp 0.01%
Valero Energy Corp 0.01%
Wec Energy Group Inc 0.02%
Williams Companies Inc 0.01%
Xcel Energy Inc 0.02%
Xcel Energy Inc 4 15/06/2028 0.01%

Weapons

Teledyne Technologies Inc 0.01%
Transdigm Group Inc 0.01%

Gambling

Aristocrat Leisure Ltd 0.04%
Galaxy Entertainment Group Ltd 0.01%
Las Vegas Sands Corp 0.01%
Sands China Ltd 0.01%
Sky City Entertainment Group 0.02%

Alcohol

Ambev SA 0.01%
Anheuser-Busch Cos Llc / Anheuser-Busch Inbev Worldwide Inc 4.9 1/02/2046 0.01%
Anheuser-Busch Inbev Finance Inc 3.3 1/02/2023 0.01%
Anheuser-Busch Inbev Nv 0.02%
Anheuser-Busch Inbev SA/ 2.250 05/24/29 Mtn 0.02%
Anheuser-Busch Inbev SA/ 2.875 02/04/2032 0.01%
Anheuser-Busch Inbev SA/Nv 2.875 25/09/2024 0.01%
Anheuser-Busch Inbev Worldwide Inc 4.6 15/04/2048 0.01%
Asahi Group Holdings Ltd 0.01%
Brown-Forman Corp-Class B 0.01%
Carlsberg A/S 0.01%
Carlsberg Breweries A/S 0.5 6/09/2023 0.01%
Constellation Brands Inc-A 0.02%
Delegat Group Ltd 0.02%
Diageo PLC 0.05%
Heineken Holdings Nv 0.01%
Heineken Nv 0.01%
Kirin Holdings Co Ltd 0.01%
Kweichow Moutai Co Ltd-A 0.01%
LVMH Moet Hennessy Louis Vui 0.06%
Pernod Ricard SA 0.02%

Palm Oil

Posco 0.01%
Posco 2.75 15/07/2024 0.02%

GMOs

Basf Se 0.02%
Basf Se 0.875 6/10/2031 0.01%
Bayer AG-Reg 0.04%
Du Pont De Nemours 0.02%
Dupont De Nemours Inc 4.725 15/11/2028 0.01%
Novartis AG 0.11%
Novartis Capital Corp 3.1 17/05/2027 0.01%
Novozymes A/S 0.01%
Nutrien Ltd 0.01%
Nutrien Ltd 4 15/12/2026 0.01%

Human Rights & Environmental Violations

Archer-Daniels-Midland Co 0.01%
Barrick Gold Corp 0.02%
BHP Billiton Finance Ltd 3 29/05/2024 0.01%
BHP Billiton Finance Ltd 3.25 25/09/2024 0.01%
BHP Group PLC 0.02%
Chevron Corporation 0.09%
Duke Energy Corp 0.04%
Essity Aktiebolag-B 0.01%
Freeport - Mcmoran Copper 0.01%
Glencore Finance Europe Ltd 1.875 13/09/2023 0.01%
Glencore Funding Llc 4.875 12/03/2029 0.01%
Glencore PLC 0.01%
Johnson & Johnson 0.22%
Johnson & Johnson 1.15 20/11/2028 0.01%
Johnson & Johnson 3.625 3/03/2037 0.01%
Nestle Finance International Ltd 0.375 18/01/2024 0.01%
Nestle Holdings Inc 0.875 18/07/2025 0.01%
Nestle Holdings Inc 1.375 13/07/2021 0.01%
Nestle Holdings Inc 3.625 24/09/2028 0.02%
Nestle Holdings Inc 4.000 24/09/2048 0.01%
Nestle SA-Reg 0.19%
Nutrien Ltd 0.01%
Nutrien Ltd 4 15/12/2026 0.01%
Petrochina Co Ltd-H 0.01%
Petroleo Brasileiro SA Petrobras 0.02%
Posco 0.01%
Posco 2.75 15/07/2024 0.02%
Rio Tinto PLC 0.03%
Royal Dutch Shell PLC - B Shs 0.04%
Royal Dutch Shell PLC-A Shs 0.05%
Sempra Energy 0.02%
Shell International Finance Bv 1.625 20/01/2027 0.01%
Shell International Finance Bv 3.4 12/08/2023 0.01%
Shell International Finance Bv 4.375 11/05/2045 0.01%
Vale SA 0.02%

Animal Testing

Air Liquide Finance SA 0.375 18/04/2022 0.010%
Air Liquide SA 0.040%
Air Products and Chemicals Inc. 0.030%
Akzo Nobel Nv 0.010%
Akzo Nobel Nv 2.625 27/07/2022 0.010%
Archer-Daniels-Midland Co 0.010%
Argentum Netherlands Bv For Zurich Insurance Co Ltd 3.5 1/10/2046 0.010%
Basf Se 0.020%
Basf Se 0.875 6/10/2031 0.010%
Bayer AG-Reg 0.040%
Bayer US Finance Ii Llc 4.25% 15/12/2025 0.020%
Beiersdorf AG 0.010%
Cabot Oil & Gas Corp 0.010%
Chevron Corporation 0.090%
Chr Hansen Holding A/S 0.010%
Church & Dwight Co Inc 0.010%
Clorox Company 0.010%
Coca-Cola Co/The 0.110%
Coca-Cola Co/The 0.75 22/09/2026 0.010%
Coca-Cola Co/The 3.2 1/11/2023 0.010%
Coca-Cola European Partners PLC 1.5 8/11/2027 0.010%
Colgate-Palmolive Co 0.040%
Danone 0.030%
Du Pont De Nemours 0.020%
Ecolab Inc 0.030%
Essity Aktiebolag-B 0.010%
Estee Lauder Cos Inc/The 0.020%
Fmc Corp 0.010%
General Mills Inc 0.020%
Givaudan SA 0.020%
Glaxosmithkline Capital PLC 3.375 20/12/2027 0.010%
Glaxosmithkline PLC 0.060%
Henkel AG & Co Kgaa 0.010%
Johnson & Johnson 0.220%
Johnson & Johnson 1.15 20/11/2028 0.010%
Johnson & Johnson 3.625 3/03/2037 0.010%
Kao Corporation 0.030%
Kikkoman Corp 0.010%
Kimberly-Clark Corp 0.030%
Koninklijke Dsm Nv 0.010%
Kraft Heinz Co/The 0.010%
L'Oreal SA 0.040%
LVMH Moet Hennessy Louis Vui 0.060%
Nestle Finance International Ltd 0.375 18/01/2024 0.010%
Nestle Holdings Inc 0.875 18/07/2025 0.010%
Nestle Holdings Inc 1.375 13/07/2021 0.010%
Nestle Holdings Inc 3.625 24/09/2028 0.020%
Nestle Holdings Inc 4.000 24/09/2048 0.010%
Nestle SA-Reg 0.190%
Novozymes A/S 0.010%
Pepsico Inc 0.110%
Pepsico Inc 0.875 16/10/2039 0.010%
Pepsico Inc 4.6 17/07/2045 0.010%
PPG Industries Inc 0.010%
Praxair Inc 1.625 1/12/2025 0.010%
Procter & Gamble Co/The 0.5 25/10/2024 0.010%
Procter and Gamble Co/The 0.170%
Reckitt Benckiser Group PLC 0.030%
Reckitt Benckiser Tsy 2.75% 26/06/2024 0.020%
Royal Dutch Shell PLC - B Shs 0.040%
Royal Dutch Shell PLC-A Shs 0.050%
Shell International Finance Bv 1.625 20/01/2027 0.010%
Shell International Finance Bv 3.4 12/08/2023 0.010%
Shell International Finance Bv 4.375 11/05/2045 0.010%
Shiseido Co Ltd 0.010%
Tesco Corporate Treasury Services PLC 1.375 24/10/2023 0.020%
Tesco PLC 0.020%
Unilever Capital Corp 3.125 22/03/2023 0.010%
Unilever Nv 0.5 12/08/2023 0.010%
Unilever Nv-Cva 0.040%
Unilever PLC 0.040%
Walgreens Boots Alliance Inc 0.020%

This data is compiled by Mindful Money from the fund information and portfolios that each fund has filed with the Disclose register to Tue March 31st 2020 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 and research organisations.

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
2020	-0.18%	1.42%

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 Tue June 30th 2020.

Showing the top 10 investments for this fund:

Fisher & Paykel Healthcare Ltd
New Zealand Australasian Equities

1.98%
A2 Milk Company Ltd
New Zealand Australasian Equities

1.7%
Spark New Zealand Ltd
New Zealand Australasian Equities

1.04%
BNP Paribas Bank Account NZD
New Zealand Cash and Equivalents A+

0.95%
Microsoft Corporation
United States International Equities

0.86%
Apple Inc
United States International Equities

0.84%
NZ Government Bond 1.5% 15/05/2031
New Zealand NZ Fixed Interest AA+

0.82%
Meridian Energy Limited
New Zealand Australasian Equities

0.69%
Amazon.Com Inc
United States International Equities

0.66%
Contact Energy Ltd
New Zealand Australasian Equities

0.66%

This information has been sourced from the quarterly data that each fund has filed with Disclose register Tue June 30th 2020.

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

Target

Actual

Type	Target	Actual
Cash and Cash Equivalents	10.0%	14.09%
New Zealand Fixed Interest	14.0%	11.1%
International Fixed Interest	41.0%	36.98%
Australasian Equities	11.0%	11.82%
International Equities	24.0%	26.01%
Listed Properties	0.0%	0.0%
Unlisted Properties	0.0%	0.0%
Other	0.0%	0.0%
Commodities	0.0%	0.0%

This information has been sourced from the quarterly data that each fund has filed with Disclose register to Tue June 30th 2020.

Does this fund have a policy to exclude any industries from its investments? The first column shows if the fund has a policy to exclude the issue. The second column shows if there are any current investments (source: Mindful Money research).

The Fund may have investments that are not consistent with their exclusions policy because they are still in the process of implementing their policy.

Issue of concern

Does this fund say it excludes this?

Actual holdings
Adult Entertainment/Pornography:

0.00%
Alcohol:

0.35%
Animal Testing:

2.14%
Fossil Fuels:

1.65%
Gambling:

0.09%
GMOs:

0.25%
Human Rights & Environmental Violations:

1.02%
Palm Oil:

0.03%
Tobacco:

0.00%
Weapons:

0.02%

Note that the fund’s intended exclusions may not be consistent with the analysis of the portfolio because of timing issues or because there are companies of concern in indirect investments by the fund.

Note that many funds exclude controversial weapons. However, the category of Weapons used in this analysis is broader in scope, covering all munitions, firearms and military weapons.

In their own words

"The Moderate Fund invests mostly in income assets which generally have lower levels of risk and potential returns. It also has a sizeable allocation to growth assets which generally have higher levels of risk with the potential for higher returns. It aims to achieve moderate returns over the medium term."

Value	$120M NZD
Period of data report	Tue June 30th 2020
Members	Not provided
Fund started	Mon May 21st 2018
Total annual fund fees	1.2%
Total performance based fees	0.0%
Manager's basic fee	1.2%
Administration charges	0.0%
Total other charges	0.0
Total other charges currency	NZD

Key Personnel

Richard Morath	Currently: Director BNZ Investment Services Limited (7 years, 0 months) Previously: Non-Executive Director BNZ Life Insurance Limited (current position) (16 years, 7 months)
Richard Ansell	Currently: Director BNZ Investment Services Limited (1 years, 4 months) Previously: Chair BNZ Investment Review Committee (0 years, 10 months)
Hayley Cassidy	Currently: Director BNZ Investment Services Limited (1 years, 2 months) Previously: Chief General Counsel BNZ (current position) (1 years, 3 months)
Christine Yates	Currently: Director BNZ Investment Services Limited (0 years, 8 months) Previously: Chief Customer Officer Private Wealth and Insurances BNZ (current position) (1 years, 4 months)
Paul Richardson	Currently: Director BNZ Investment Services Limited (0 years, 7 months) Previously: Chief Investment Officer/Executive Director Mint Asset Management Limited (4 years, 8 months)

This information has been sourced from the quarterly data that each fund has filed with Disclose register to Tue June 30th 2020.

Downloads

Download the fund's disclosure statement and portfolio holdings.

Portfolio holdings v