Funds

Mercer Macquarie Global Listed Infrastructure Fund

Fund type: Aggressive fund

Average returns over the past 3 years, after fees and taxes

Annual fees, including management and administration fees, but not membership fee. Please note that lower fees don’t always mean higher net returns.

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Total Ethical Concerns: 45.13%

The average total concerns of all managed aggressive funds is 12.02%.

Companies of Concern

Fossil Fuels 45.13%
Enbridge, Inc.
8.79%

!!
This company is expanding their fossil fuel production and
is off track with the UN target to limit global temperature
rise to 1.5°C

8.79%

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.

National Grid PLC
7.48%

!!
This company is expanding their fossil fuel production and
is off track with the UN target to limit global temperature
rise to 1.5°C

7.48%

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.

National Grid PLC Fossil Fuel Production

Operates electric and natural gas transmission systems in the UK and US. It also operates facilities for storing LNG. including the Grain LNG terminal in the UK which is the largest LNG facility in Europe and 8th globally.

Sempra Energy
4.15%

!!
This company is expanding their fossil fuel production and
is off track with the UN target to limit global temperature
rise to 1.5°C

4.15%

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.

Cheniere Energy, Inc.
3.54%

!!
This company is expanding their fossil fuel production and
is off track with the UN target to limit global temperature
rise to 1.5°C

3.54%

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.

Pg&E Corp
3.40%

3.40%

Environmental Damage

Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

Fossil Fuel Power Generation

Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

Kinder Morgan, Inc.
3.21%

!!
This company is expanding their fossil fuel production and
is off track with the UN target to limit global temperature
rise to 1.5°C

3.21%

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.

Oneok, Inc.
2.66%

2.66%

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.

Snam Spa
2.04%

!!
This company is expanding their fossil fuel production and
is off track with the UN target to limit global temperature
rise to 1.5°C

2.04%

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.

CMS Energy Corp.
1.99%

1.99%

Fossil Fuel Power Generation

Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

Gibson Energy, Inc.
1.98%

1.98%

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.

Clp Holdings Ltd.
1.93%

1.93%

Fossil Fuel Power Generation

Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

Royal Vopak Nv
1.18%

!!
This company is expanding their fossil fuel production and
is off track with the UN target to limit global temperature
rise to 1.5°C

1.18%

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.

American Electric Power Co., Inc.
1.06%

1.06%

Fossil Fuel Power Generation

Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

Xcel Energy, Inc.
1.01%

1.01%

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.

ERG SpA
0.70%

0.70%

Fossil Fuel Power Generation

Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Environmental Harm 3.4%
Pg&E Corp
3.40%

3.40%

Environmental Damage

Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

Fossil Fuel Power Generation

Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

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From the Fund Provider

About this fund

About this Fund

Fund type: Aggressive fund

Past Returns: 2.69%

Average returns over the past 3 years, after fees and taxes

Annual Fees: 1.34%

Annual fees, including management and administration fees, but not membership fee. Please note that lower fees don’t always mean higher net returns.

In their own words

The fund invests in infrastructure securities in both developed and emerging markets across a range of sectors. This provides access to a range of infrastructure sectors across geographic regions, with active portfolio management that seeks to target excess returns and predictable, stable cash flows. Environmental, Social and Governance characteristics are integrated into the investment process. The fund aims to provide total returns (income and capital growth) after costs and before tax, above the Dow Jones Brookfield Global Infrastructure Index (100% hedged to the NZD on an after-tax basis) on a rolling three-year basis.

Value	$174M NZD
Period of data report	31st March 2025
Fund started	7th Sept. 2012
Total annual fund fees	1.34%
Total performance based fees	0.0%
Manager's basic fee	1.25%
Other management and administration charges	0.09%
Total other charges	0.0
Total other charges currency	NZD

Key Personnel

Ross Butler	Currently: Chair - Mercer (N.Z.) Ltd (1 years, 11 months) Previously: Director - Mercer Investments (Australia) Limited (10 years, 4 months)
Martin Lewington	Currently: CEO - Mercer (N.Z.) Ltd (16 years, 1 months) Previously: Head of Investments - Mercer (N.Z.) Ltd (3 years, 8 months)
Kylie Willment	Currently: Chief Investment Officer, Pacific, Mercer Australia (Pty) Ltd (7 years, 5 months) Previously: Senior Manager, Investment & Client Strategy - TCorp (NSW Treasury Corporation) (17 years, 0 months)
Padraig Brown	Currently: Chief Investment Officer - New Zealand, Mercer (N.Z.) Ltd (2 years, 10 months) Previously: Head of Real Estate Investment Management, Mercer Australia (Pty) Ltd (11 years, 2 months)
Robert Kavanagh	Currently: Head of Portfolio Management NZ - Mercer (N.Z.) Ltd (11 years, 0 months) Previously: Vice President - Account Management PIMCO Australia Pty Limited (7 years, 0 months)

This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st March 2025.

Portfolio Holdings v

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
2025	4.07%	11.41%
2024	15.78%	0.34%
2023	-4.85%	-3.12%
2022	3.53%	21.27%
2021	35.55%	20.61%
2020	-7.06%	-12.31%
2019	10.17%	18.35%
2018	7.53%	-4.53%
2017	9.49%	13.77%
2016	4.71%	-9.94%

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 2025.

Investments

Top 10 Investments

Enbridge Inc

Canada International Equities

8.79%
National Grid PLC

United Kingdom International Equities

7.48%
Crown Castle International Corporation

United States Other

5.09%
Cellnex Telecom SA

Spain Other

4.71%
Exelon Corporation

United States International Equities

4.47%
Essential Utilities

United States Other

4.37%
Sempra Energy

United States Other

4.15%
United Utilities Group PLC

United Kingdom International Equities

4.14%
Cheniere Energy Inc

United States International Equities

3.54%
American Tower Reit Inc

United States Other

3.45%

Type	Target	Actual
Cash and Cash Equivalents	0.0%	2.05%
New Zealand Fixed Interest	0.0%	0.0%
International Fixed Interest	0.0%	0.0%
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	100.0%	97.95%
Commodities	0.0%	0.0%

Investment Mix

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 2025.

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 2025 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.

Companies of Concern
About this fund
Past Returns
Investments

Issues of Concern

0.0% Animal Cruelty
0.0% Human Rights Violations
0.0% Social Harm
45.13% Fossil Fuels
0.0% Weapons
3.4% Environmental Harm

Companies of Concern

Fossil Fuels
- Enbridge, Inc.
  8.79%
  
  !!
  This company is expanding their fossil fuel production and
  is off track with the UN target to limit global temperature
  rise to 1.5°C
  
  8.79%
  
  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.
- National Grid PLC
  7.48%
  
  !!
  This company is expanding their fossil fuel production and
  is off track with the UN target to limit global temperature
  rise to 1.5°C
  
  7.48%
  
  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.
  
  National Grid PLC Fossil Fuel Production
  
  Operates electric and natural gas transmission systems in the UK and US. It also operates facilities for storing LNG. including the Grain LNG terminal in the UK which is the largest LNG facility in Europe and 8th globally.
- Sempra Energy
  4.15%
  
  !!
  This company is expanding their fossil fuel production and
  is off track with the UN target to limit global temperature
  rise to 1.5°C
  
  4.15%
  
  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.
- Cheniere Energy, Inc.
  3.54%
  
  !!
  This company is expanding their fossil fuel production and
  is off track with the UN target to limit global temperature
  rise to 1.5°C
  
  3.54%
  
  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.
- Pg&E Corp
  3.40%
  
  3.40%
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
  
  Fossil Fuel Power Generation
  
  Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
- Kinder Morgan, Inc.
  3.21%
  
  !!
  This company is expanding their fossil fuel production and
  is off track with the UN target to limit global temperature
  rise to 1.5°C
  
  3.21%
  
  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.
- Oneok, Inc.
  2.66%
  
  2.66%
  
  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.
- Snam Spa
  2.04%
  
  !!
  This company is expanding their fossil fuel production and
  is off track with the UN target to limit global temperature
  rise to 1.5°C
  
  2.04%
  
  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.
- CMS Energy Corp.
  1.99%
  
  1.99%
  
  Fossil Fuel Power Generation
  
  Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
- Gibson Energy, Inc.
  1.98%
  
  1.98%
  
  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.
- Clp Holdings Ltd.
  1.93%
  
  1.93%
  
  Fossil Fuel Power Generation
  
  Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
- Royal Vopak Nv
  1.18%
  
  !!
  This company is expanding their fossil fuel production and
  is off track with the UN target to limit global temperature
  rise to 1.5°C
  
  1.18%
  
  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.
- American Electric Power Co., Inc.
  1.06%
  
  1.06%
  
  Fossil Fuel Power Generation
  
  Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
- Xcel Energy, Inc.
  1.01%
  
  1.01%
  
  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.
- ERG SpA
  0.70%
  
  0.70%
  
  Fossil Fuel Power Generation
  
  Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Environmental Harm
- Pg&E Corp
  3.40%
  
  3.40%
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
  
  Fossil Fuel Power Generation
  
  Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

About this Fund

Fund type: Aggressive fund

Past Returns: 2.69%

Average returns over the past 3 years, after fees and taxes

Annual Fees: 1.34%

Annual fees, including management and administration fees, but not membership fee. Please note that lower fees don’t always mean higher net returns.

In their own words

Value	$174M NZD
Period of data report	31st March 2025
Fund started	7th Sept. 2012
Total annual fund fees	1.34%
Total performance based fees	0.0%
Manager's basic fee	1.25%
Other management and administration charges	0.09%
Total other charges	0.0
Total other charges currency	NZD

Key Personnel

Ross Butler	Currently: Chair - Mercer (N.Z.) Ltd (1 years, 11 months) Previously: Director - Mercer Investments (Australia) Limited (10 years, 4 months)
Martin Lewington	Currently: CEO - Mercer (N.Z.) Ltd (16 years, 1 months) Previously: Head of Investments - Mercer (N.Z.) Ltd (3 years, 8 months)
Kylie Willment	Currently: Chief Investment Officer, Pacific, Mercer Australia (Pty) Ltd (7 years, 5 months) Previously: Senior Manager, Investment & Client Strategy - TCorp (NSW Treasury Corporation) (17 years, 0 months)
Padraig Brown	Currently: Chief Investment Officer - New Zealand, Mercer (N.Z.) Ltd (2 years, 10 months) Previously: Head of Real Estate Investment Management, Mercer Australia (Pty) Ltd (11 years, 2 months)
Robert Kavanagh	Currently: Head of Portfolio Management NZ - Mercer (N.Z.) Ltd (11 years, 0 months) Previously: Vice President - Account Management PIMCO Australia Pty Limited (7 years, 0 months)

This information has been sourced from the quarterly data that each fund has filed with Disclose register to 31st March 2025.

Portfolio Holdings v

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
2025	4.07%	11.41%
2024	15.78%	0.34%
2023	-4.85%	-3.12%
2022	3.53%	21.27%
2021	35.55%	20.61%
2020	-7.06%	-12.31%
2019	10.17%	18.35%
2018	7.53%	-4.53%
2017	9.49%	13.77%
2016	4.71%	-9.94%

Top 10 Investments

Enbridge Inc

Canada International Equities

8.79%
National Grid PLC

United Kingdom International Equities

7.48%
Crown Castle International Corporation

United States Other

5.09%
Cellnex Telecom SA

Spain Other

4.71%
Exelon Corporation

United States International Equities

4.47%
Essential Utilities

United States Other

4.37%
Sempra Energy

United States Other

4.15%
United Utilities Group PLC

United Kingdom International Equities

4.14%
Cheniere Energy Inc

United States International Equities

3.54%
American Tower Reit Inc

United States Other

3.45%

Type	Target	Actual
Cash and Cash Equivalents	0.0%	2.05%
New Zealand Fixed Interest	0.0%	0.0%
International Fixed Interest	0.0%	0.0%
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	100.0%	97.95%
Commodities	0.0%	0.0%

Investment Mix

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 2025.

Funds

Mercer Macquarie Global Listed Infrastructure Fund

Total Ethical Concerns: 45.13%

Companies of Concern

Fossil Fuels 45.13%

Environmental Harm 3.4%

From the Fund Provider

About this fund

About this Fund

In their own words

Key Personnel

Past Returns

Past Returns

Investments

Top 10 Investments

Investment Mix

Issues of Concern

Companies of Concern

Fossil Fuels

Environmental Harm

About this Fund

In their own words

Key Personnel

Past Returns

Top 10 Investments

Investment Mix

Disclosures

Investing Risk

How we are funded

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