portfolio insights - nz funds · portfolio insights april 2020. 2 product disclosure statement new...

Portfolio InsightsApril 2020

2

Product Disclosure Statement

New Zealand Funds Management Limited is the issuer of the NZ Funds Advised Portfolio Service*, the NZ Funds KiwiSaver Scheme, the NZ Funds Managed Superannuation Service, and NZ Funds WealthBuilder.

The Product Disclosure Statement and the Disclose Register contain important information to help you to understand how your money is managed and the risks associated with investing.

A copy of the NZ Funds Advised Portfolio Service Product Disclosure Statement, the NZ Funds KiwiSaver Scheme Product Disclosure Statement, the NZ Funds Managed Superannuation Service Product Disclosure Statement, and the NZ Funds WealthBuilder Product Disclosure Statement is available on request or by visiting the NZ Funds website at www.nzfunds.co.nz.

Even if you have invested with NZ Funds for many years, please take the time to read these documents regularly as the content is frequently updated.

* Previously known as the NZ Funds Managed Portfolio Service

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Contents

Performance summary 5

NZ Funds Advised Portfolio Service* 15

NZ Funds KiwiSaver Scheme 53

NZ Funds Managed Superannuation Service 67

NZ Funds WealthBuilder 91

Manager portfolios 105

Managers 113


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THIS PAGE HAS INTENTIONALLY BEEN LEFT BLANK

5

Performance summary

6

NZ Funds Advised Portfolio Service*

Advised Portfolio Service Returns

Category Portfolio Year-to-date 1 month 3 months 6 months 1 year 2 years 5 years 10 years Since inception

Cash Core Cash Portfolio2Pre tax 0.19% -0.03% 0.12% 0.31% 0.89% 2.70% 9.70% 25.52% 38.83%

Post tax 0.14% -0.02% 0.09% 0.22% 0.64% 1.94% 6.89% 17.76% 26.34%

Income

Core Income Portfolio3Pre tax -1.43% 3.47% -2.78% -1.97% 1.58% 6.92% 17.69% 53.88% 69.00%

Post tax -0.97% 2.50% -1.95% -1.35% 1.21% 5.01% 12.57% 36.52% 45.81%

Global Income Portfolio1Pre tax -5.13% 4.96% -7.23% -4.66% 0.64% 4.51% 11.89% 36.49% 49.05%

Post tax -3.48% 3.61% -5.02% -3.13% 0.75% 3.53% 8.80% 25.42% 33.39%

Inflation

Core Inflation Portfolio4Pre tax -8.67% 5.47% -10.75% -5.58% -1.48% 5.56% 9.89% 42.59% 51.13%

Post tax -7.23% 4.95% -9.17% -4.14% -0.45% 5.49% 12.31% 53.39% 66.61%

Property Inflation Portfolio1Pre tax -11.32% 4.46% -12.63% -11.95% -4.45% 7.47% 14.13% 57.10% 67.38%

Post tax -11.34% 4.30% -12.92% -12.55% -5.22% 6.13% 11.95% 47.66% 56.52%

Equity Inflation Portfolio4Pre tax -6.13% 4.97% -6.27% -3.39% -2.51% 1.29% 7.93% 46.08% 52.67%

Post tax -4.39% 4.15% -5.00% -2.48% -1.40% 1.47% 11.17% 74.70% 127.60%

Growth

Core GrowthComposite Strategy6

Pre tax -5.47% 7.28% -6.92% -2.09% -8.32% -7.09% -4.77% 31.62% 148.64%8

Post tax -1.97% 6.26% -4.03% 0.25% -5.56% -4.59% -4.15% 26.91% -

Global Equity GrowthComposite Strategy5

Pre tax -8.17% 7.49% -7.32% -4.59% -5.02% -1.62% 16.48% 55.12% 255.00%8

Post tax -6.48% 6.74% -6.19% -3.85% -3.47% -0.14% 15.20% 48.52% -

Dividend and GrowthComposite Strategy7

Pre tax -10.36% 4.65% -13.02% -6.34% -1.97% 5.26% 44.17% 100.34% 791.49%8

Post tax -8.60% 4.76% -11.05% -4.45% -0.32% 5.99% 42.19% 91.88% -

IMPORTANT: Please refer to page 8 of this summary for the footnotes relating to this page. Past performance is not necessarily an indication of future returns.

Cumulative returns to 30 April 2020


7


Advised Portfolio Service Returns

Category Portfolio Year-to-date 1 month 3 months 6 months 1 year 2 years 5 years 10 years Since inception

Cash Core Cash Portfolio2Pre tax 0.19% -0.03% 0.12% 0.31% 0.89% 1.34% 1.87% 2.30% 2.73%

Post tax 0.14% -0.02% 0.09% 0.22% 0.64% 0.97% 1.34% 1.65% 1.94%

Income

Core Income Portfolio3Pre tax -1.43% 3.47% -2.78% -1.97% 1.58% 3.40% 3.31% 4.40% 4.56%

Post tax -0.97% 2.50% -1.95% -1.35% 1.21% 2.48% 2.40% 3.16% 3.25%

Global Income Portfolio1Pre tax -5.13% 4.96% -7.23% -4.66% 0.64% 2.23% 2.27% 3.16% 3.53%

Post tax -3.48% 3.61% -5.02% -3.13% 0.75% 1.75% 1.70% 2.29% 2.54%

Inflation

Core Inflation Portfolio4Pre tax -8.67% 5.47% -10.75% -5.58% -1.48% 2.74% 1.90% 3.61% 3.66%

Post tax -7.23% 4.95% -9.17% -4.14% -0.45% 2.71% 2.35% 4.37% 4.54%

Property Inflation Portfolio1Pre tax -11.32% 4.46% -12.63% -11.95% -4.45% 3.67% 2.68% 4.62% 4.58%

Post tax -11.34% 4.30% -12.92% -12.55% -5.22% 3.02% 2.28% 3.97% 3.97%

Equity Inflation Portfolio4Pre tax -6.13% 4.97% -6.27% -3.39% -2.51% 0.65% 1.54% 3.86% 3.75%

Post tax -4.39% 4.15% -5.00% -2.48% -1.40% 0.73% 2.14% 5.74% 7.41%

Growth

Core GrowthComposite Strategy6

Pre tax -5.47% 7.28% -6.92% -2.09% -8.32% -3.61% -0.97% 2.79% 5.50%

Post tax -1.97% 6.26% -4.03% 0.25% -5.56% -2.32% -0.84% 2.41% -

Global Equity GrowthComposite Strategy5

Pre tax -8.17% 7.49% -7.32% -4.59% -5.02% -0.81% 3.10% 4.49% 5.38%

Post tax -6.48% 6.74% -6.19% -3.85% -3.47% -0.07% 2.87% 4.03% -

Dividend and GrowthComposite Strategy7

Pre tax -10.36% 4.65% -13.02% -6.34% -1.97% 2.59% 7.59% 7.20% 8.30%

Post tax -8.60% 4.76% -11.05% -4.45% -0.32% 2.95% 7.29% 6.73% -

IMPORTANT: Please refer to page 8 for the footnotes relating to this page. Past performance is not necessarily an indication of future returns.

Annualised returns to 30 April 2020


8

NZ Funds Advised Portfolio Service* – Notes

Returns

Pre tax returns are stated after Portfolio fees and expenses, but before any advisory fees or investor tax. Post tax returns are stated after Portfolio fees and expenses and investor tax at the highest Prescribed Investor Rate (PIR). From 1 October 2008 to 30 September 2010 the highest PIR was 30%. Since 1 October 2010 the highest PIR has been 28%. Past performance is not necessarily an indication of future returns.

Composite Strategies

The Composite Strategies have been developed to illustrate the long-term performance of the investment categories represented by the relevant Portfolios.

The Composite Strategies are not the historic returns of the Portfolios.

They illustrate the historical performance of the NZ Funds approach of managing assets of the type held within the respective NZ Funds Advised Portfolio Service Portfolio to which each Composite Strategy relates.

The Composite Strategies are tax-adjusted to remove, as much as possible, the impact of the different tax regimes that applied during the calculation period. The pre tax returns are also stated after Portfolio fees and expenses, but before any advisory fees or investor tax. The post tax returns are stated after Portfolio fees and expenses and investor tax at the highest Prescribed Investor Rate (PIR).

For more detail on the calculation of each of the Composite Strategies please contact NZ Funds.

The performance of the Composite Strategies is not an indication of future Portfolio returns.

Footnotes for pages 6 & 7

1 Inception date was 31 October 2008.

2 Inception date was 28 February 2008.

3 Inception date was 23 July 2008.

4 Performance is measured since the launch of the APS platform (now known as NZ Funds Advised Portfolio Service) on 31 October 2008. The post tax since inception returns for the Core Inflation Portfolio and the Equity Inflation Portfolio include the benefit of formation tax losses under the PIE rules. For more detail, please contact NZ Funds.

5 Composite strategy inception was 6 March 1996.

6 Composite strategy inception was 1 May 2003.

7 Composite strategy inception was 2 December 1992.

8 Pre tax equivalent gross return (for more detail, refer to the performance page for each Portfolio/Composite Strategy).


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NZ Funds KiwiSaver Scheme

NZ Funds KiwiSaver Scheme Returns

Strategy Year-to-date 1 month 3 months 6 months 1 year 2 years 5 years Since Inception

IncomePre tax -2.85% 3.83% -4.56% -2.86% 1.48% 6.30% 17.23% 42.00%

Post tax -1.96% 2.77% -3.22% -1.97% 1.16% 4.60% 12.30% 28.77%

InflationPre tax -7.18% 5.30% -8.26% -4.04% -1.19% 5.14% 12.52% 53.86%

Post tax -5.66% 4.54% -6.88% -2.99% -0.37% 4.59% 12.81% 47.95%

GrowthPre tax -8.88% 5.38% -10.63% -5.33% -6.99% -1.90% 12.03% 77.84%

Post tax -6.37% 5.12% -8.43% -3.54% -4.89% -0.65% 9.50% 64.63%


Pre tax returns are stated after Strategy fees and expenses, but before any advisory fees or investor tax. Post tax returns are stated after Strategy fees and expenses and investor tax at the highest Prescribed Investor Rate (PIR) of 28%. Inception date of the Scheme was 31 October 2010. Past performance is not necessarily an indication of future returns.

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NZ Funds KiwiSaver Scheme Returns


IncomePre tax -2.85% 3.83% -4.56% -2.86% 1.48% 3.10% 3.23% 3.76%

Post tax -1.96% 2.77% -3.22% -1.97% 1.16% 2.28% 2.35% 2.70%


Post tax -5.66% 4.54% -6.88% -2.99% -0.37% 2.27% 2.44% 4.21%

GrowthPre tax -8.88% 5.38% -10.63% -5.33% -6.99% -0.96% 2.30% 6.25%

Post tax -6.37% 5.12% -8.43% -3.54% -4.89% -0.32% 1.83% 5.39%


Pre tax returns are stated after Strategy fees and expenses, but before any advisory fees or investor tax. Post tax returns are stated after Strategy fees and expenses and investor tax at the highest Prescribed Investor Rate (PIR) of 28%. Inception date of the Scheme was 31 October 2010. Past performance is not necessarily an indication of future returns.

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NZ Funds Managed Superannuation Service

Returns


Income - British Pounds*

Pre tax 1.08% 2.81% -4.40% -2.29% 5.44% 8.59% - 17.64%

Post tax 1.07% 2.07% -2.93% -1.32% 4.39% 6.91% - 13.51%

Growth - British Pounds

Pre tax -5.61% 4.48% -10.20% - - - - -5.21%

Post tax -4.03% 4.43% -8.07% - - - - -3.69%

IncomePre tax -2.77% 3.90% -4.45% -2.80% 1.50% 6.35% 8.28% 9.10%

Post tax -1.91% 2.82% -3.14% -1.93% 1.18% 4.64% 6.01% 6.59%


Post tax -5.65% 4.56% -6.75% -2.73% -0.34% 4.51% 10.48% 10.60%

GrowthPre tax -9.25% 5.52% -10.47% -5.61% -6.40% -1.15% 9.23% 10.52%

Post tax -6.73% 5.26% -8.32% -3.79% -4.39% 0.01% 8.93% 10.76%



Pre tax returns are stated after Strategy fees and expenses, but before any advisory fees or investor tax. Post tax returns are stated after Strategy fees and expenses and investor tax at the highest Prescribed Investor Rate (PIR) of 28%. Inception date of the Service was 25 January 2017, except for the Income Strategy - British Pounds which has an inception date of 11 August 2017 and the Growth Strategy - British Pounds which has an inception date of 3 December 2019. Past performance is not necessarily an indication of future returns.

* This Strategy was previously known as the ROPS GBP Income Strategy.

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Returns


Income - British Pounds*

Pre tax 1.08% 2.81% -4.40% -2.29% 5.44% 4.21% - 6.15%

Post tax 1.07% 2.07% -2.93% -1.32% 4.39% 3.40% - 4.77%

Growth - British Pounds

Pre tax -5.61% 4.48% -10.20% - - - - -5.21%

Post tax -4.03% 4.43% -8.07% - - - - -3.69%

IncomePre tax -2.77% 3.90% -4.45% -2.80% 1.50% 3.13% 2.69% 2.70%

Post tax -1.91% 2.82% -3.14% -1.93% 1.18% 2.29% 1.96% 1.97%


Post tax -5.65% 4.56% -6.75% -2.73% -0.34% 2.23% 3.38% 3.14%

GrowthPre tax -9.25% 5.52% -10.47% -5.61% -6.40% -0.58% 2.99% 3.11%

Post tax -6.73% 5.26% -8.32% -3.79% -4.39% 0.00% 2.89% 3.18%



* This Strategy was previously known as the ROPS GBP Income Strategy.

Pre tax returns are stated after Strategy fees and expenses, but before any advisory fees or investor tax. Post tax returns are stated after Strategy fees and expenses and investor tax at the highest Prescribed Investor Rate (PIR) of 28%. Inception date of the Service was 25 January 2017, except for the Income Strategy - British Pounds which has an inception date of 11 August 2017 and the Growth Strategy - British Pounds which has an inception date of 3 December 2019. Past performance is not necessarily an indication of future returns.

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NZ Funds WealthBuilder

NZ Funds WealthBuilder Returns


IncomePre tax -5.34% 3.90% - - - - - -5.34%

Post tax -3.79% 2.81% - - - - - -3.79%

InflationPre tax -6.58% 5.28% - - - - - -6.58%

Post tax -5.60% 4.54% - - - - - -5.60%

GrowthPre tax -8.48% 5.47% - - - - - -8.48%

Post tax -6.82% 5.22% - - - - - -6.82%


Pre tax returns are stated after Strategy fees and expenses, but before any advisory fees or investor tax. Post tax returns are stated after Strategy fees and expenses and investor tax at the highest Prescribed Investor Rate (PIR) of 28%. Inception date of the Scheme was 27 February 2020. Past performance is not necessarily an indication of future returns.

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NZ Funds WealthBuilder Returns


IncomePre tax -5.34% 3.90% - - - - - -5.34%

Post tax -3.79% 2.81% - - - - - -3.79%

InflationPre tax -6.58% 5.28% - - - - - -6.58%

Post tax -5.60% 4.54% - - - - - -5.60%

GrowthPre tax -8.48% 5.47% - - - - - -8.48%

Post tax -6.82% 5.22% - - - - - -6.82%


Pre tax returns are stated after Strategy fees and expenses, but before any advisory fees or investor tax. Post tax returns are stated after Strategy fees and expenses and investor tax at the highest Prescribed Investor Rate (PIR) of 28%. Inception date of the Scheme was 27 February 2020. Past performance is not necessarily an indication of future returns.

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Core Cash Portfolio

Portfolio returns* Year-to-date 1 month 3 months 6 months 1 year 2 years† 5 years† 10 years†Since

inceptionMaximum decline

12 monthsX

Volatility 5 years^

Core Cash Portfolio 0.19% -0.03% 0.12% 0.31% 0.89% 2.70% 9.70% 25.52% 38.83% -0.05% 0.11%

Performance since inception (28 February 2008) to 30 April 2020

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Core Cash PortfolioComplete Portfolio as at 20 April 2020

Strategy / SecurityEstimated

yield1

Credit rating

Portfolio exposure %

Portfolio exposure $

cash and cash equivalents 100.0% $38,566,908

Bank deposits 0.5% n/a 50.5% $19,482,367Kiwibank bank bill 05/05/2020 0.3% A-1 19.4% $7,494,815BNZ bank bill 11/05/2020 0.3% A-1+ 19.4% $7,494,434BNZ bank bill 04/05/2020 0.3% A-1+ 7.5% $2,882,646Net receivables2 n/a n/a 3.1% $1,212,646

total economic exposure3 100.0% $38,566,908

1. The yield is not the actual return of the portfolio, nor is it a projection or forecast. Details of the yield calculation are available on request from NZ Funds. 2. Net receivables include unrealised profit and loss and net receivables/payables. 3. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken

by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details of the total economic exposure calculations, contact NZ Funds. Note: Rounding may affect any subtotals and totals

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Core Cash PortfolioNotes

Core Cash Portfolio

* Returns are stated after Portfolio fees and expenses, but before any advisory fees or investor tax. Past performance is not necessarily an indication of future returns.

† Cumulative returns.

Maximum Decline and Volatility

x Returns should be looked at in conjunction with the level of risk associated with an investment. We use 'maximum decline' as a measure of risk. It represents the largest decline in value experienced during the previous 12 months.

^ This is the annualised standard deviation calculated from weekly returns of the Portfolio over the 5 years ending 31 March 2020. For more details on the Portfolio’s Maximum Decline and Volatility please contact NZ Funds.

Note

Rounding may affect the subtotals and totals.

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Core Income PortfolioPerformance since inception (23 July 2008) to 30 April 2020



12 monthsX

Volatility 5 years^

Core Income Portfolio -1.43% 3.47% -2.78% -1.97% 1.58% 6.92% 17.69% 53.88% 69.00% -8.07% 2.94%

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yield1

Credit rating




australasian bonds 74.4% $94,394,969

Vector Ltd 4.996% 14/03/2024 2.4% BBB 8.9% $11,319,564Westpac Banking 4.695% 01/09/2026 4.4% BBB 5.8% $7,321,205WEL Networks 4.9% 02/08/2023 3.8% NR 5.0% $6,359,644Precinct Properties New Zealand 4.42% 27/11/2024 3.4% NR 4.6% $5,852,902Insurance Australia Group 5.15% 15/06/2043 4.3% BBB 4.3% $5,399,184Property for Industry 4.59% 28/11/2024 3.2% NR 4.0% $5,032,319Westpac floating perpetual 1.2% BBB+ 3.9% $4,887,701Fletcher Building 3.9% 15/03/2025 5.9% NR 3.6% $4,627,352Powerco 4.67% 15/11/2024 2.3% BBB 3.5% $4,490,920Infratil 5.5% 15/06/2024 5.7% NR 3.0% $3,841,974Housing NZ Ltd 3.36% 12/06/2025 1.1% AA+ 3.0% $3,750,592NEXTDC 6.25% 09/06/2021 4.9% NR 2.8% $3,583,432Fletcher Building Industries 4.75% 15/03/2021 5.5% NR 2.5% $3,184,324Property for Industry 4.25% 01/10/2025 3.3% NR 2.5% $3,147,358Peet 6.75% 07/06/2024 6.8% NR 2.5% $3,133,573New Zealand Government Bond 1.5% 15/05/2031 1.1% AA+ 2.2% $2,797,793Westpac Banking floating 27/08/2029 3.2% BBB+ 1.9% $2,454,736Trustpower 3.97% 22/02/2029 3.6% NR 1.7% $2,099,514Trustpower 4.01% 15/12/2022 2.9% NR 1.6% $2,064,856ANZ floating perpetual 1.3% BBB+ 1.4% $1,739,273

Core Income PortfolioComplete Portfolio as at 20 April 2020

21


yield1

Credit rating



australasian bonds (continued)

Core Income PortfolioComplete Portfolio as at 20 April 2020 (continued)

1. The yield is not the actual return of the portfolio, nor is it a projection or forecast. Details of the yield calculation are available on request from NZ Funds. 2. Credit default swaps notional value is currently $113,767,261. 3. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken

by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details of the total economic exposure calculations, contact NZ Funds. Note: Rounding may affect any subtotals and totals.

Mercury NZ 3.6% 11/07/2049 3.3% BB+ 1.4% $1,723,668Spark Finance 2.6% 18/03/2030 2.6% A- 1.3% $1,641,264New Zealand interest rate swaps exposure n/a n/a 1.1% $1,362,500Argosy Property 2.9% 29/10/2026 4.0% NR 1.0% $1,217,016Trustpower Ltd 3.35% 29/07/2026 3.4% NR 0.5% $644,016Metlifecare Ltd 3% 30/09/2026 4.2% NR 0.4% $547,070National Australia Bank Income Securities perpetual 0.0% BBB- 0.1% $171,219

australasian bonds 0.7% $844,526

Credit default swaps - Market value2 n/a n/a 0.7% $844,526


foreign currency exposure 1.5% $1,900,084

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Core Income Portfolio

Core Income Portfolio






Note


Notes

23

Global Income PortfolioPerformance since inception (31 October 2008) to 30 April 2020



12 monthsX

Volatility 5 years^

Global Income Portfolio -5.13% 4.96% -7.23% -4.66% 0.64% 4.51% 11.89% 36.49% 49.05% -15.93% 4.89%

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yield1

Credit rating




international bonds 71.5% $84,715,124

American Homes 4 Rent 4.9% 15/02/2029 3.7% BBB- 8.5% $10,102,676JPMorgan Chase 3.625% 01/12/2027 1.7% BBB+ 7.2% $8,537,001Southern Copper 7.50% 27/07/2035 4.2% BBB+ 6.9% $8,125,376Goldman Sachs 3.5% 01/04/2025 1.5% BBB+ 6.2% $7,400,313Citigroup Inc 4.125% 25/07/2028 2.3% BBB 5.9% $6,977,758AT&T Inc 4.35% 01/03/2029 1.8% BBB 5.4% $6,400,977Netflix 5.375% 15/11/2029 3.3% BB- 5.3% $6,340,304Uber Technologies 8% 01/11/2026 6.7% CCC+ 4.3% $5,139,631Tyson Foods Inc 4.35% 01/03/2029 1.4% BBB+ 4.0% $4,757,106McDonald's Corp 2.625% 01/09/2029 1.4% BBB+ 3.5% $4,092,807Verizon Communications Inc 4.016% 03/12/2029 1.3% BBB+ 3.4% $4,065,665Oracle Corp 2.8% 01/04/2027 1.1% A+ 3.1% $3,720,980Bank of America Corp 3.864% 23/07/2024 1.1% A- 2.1% $2,547,584Dell 6.02% 15/06/2026 3.4% BBB- 2.0% $2,345,726British Telecom 5.125% 04/12/2028 2.4% BBB 1.6% $1,866,848

Global Income PortfolioComplete Portfolio as at 20 April 2020

25


yield1

Credit rating



Global Income PortfolioComplete Portfolio as at 20 April 2020 (continued)

Broadcom Inc 4.25% 15/04/2026 2.4% BBB- 1.2% $1,480,378Credit default swaps - Market value2 n/a n/a 0.6% $763,880United States bond futures n/a n/a 0.0% $50,113



1. The yield is not the actual return of the portfolio, nor is it a projection or forecast. Details of the yield calculation are available on request from NZ Funds. 2. Credit default swaps notional value is currently $101,793,973. 3. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the

Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details of the total economic exposure calculations, contact NZ Funds. Note: Rounding may affect any subtotals and totals.

international bonds (continued)

26

Global Income Portfolio

Global Income Portfolio






Note


Notes

27

Core Inflation PortfolioPerformance since inception (31 October 2008) to 30 April 2020



12 monthsX

Volatility 5 years^

Core Inflation Portfolio -8.67% 5.47% -10.75% -5.58% -1.48% 5.56% 9.89% 42.59% 51.13% -24.67% 10.53%

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Strategy / Security1 Estimated yield2





New Zealand inflation swaps exposure n/a 0.2% $173,053


Floating Rate and Perpetual Bond Strategy 1.0% 21.4% $20,618,508Inflation swaps - Market value3 n/a 0.8% $796,719

australasian shares 68.6% $66,123,098

Dividend and Growth Strategy 3.8% 68.6% $66,123,098



Core Inflation PortfolioComplete Portfolio as at 20 April 2020

1. Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash. 2. The yield calculation represents an estimate of the yield on the Portfolio, calculated using the most recent information provided by the external investment managers involved in

managing the Portfolio, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Portfolio summary. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds.

3. Inflation swaps notional value is currently $13,530,549. 4. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken


29

Core Inflation Portfolio

Core Inflation Portfolio






Note


Notes

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Property Inflation PortfolioPerformance since inception (31 October 2008) to 30 April 2020



12 monthsX

Volatility 5 years^

Property Inflation Portfolio -11.32% 4.46% -12.63% -11.95% -4.45% 7.47% 14.13% 57.10% 67.38% -24.02% 9.38%

31






Floating Rate and Perpetual Bond Strategy 1.0% 22.2% $17,971,272


Goodman Property Trust 3.1% 4.8% $3,905,429Precinct Properties New Zealand 4.7% 3.5% $2,865,314Property For Industry 5.1% 2.5% $2,036,767Kiwi Property Group Ltd 7.4% 2.4% $1,955,529Argosy Property 6.0% 2.2% $1,749,852Investore Property 5.5% 2.1% $1,719,527Goodman Group 2.7% 2.1% $1,690,615Vital Healthcare Property Trust 3.9% 2.0% $1,652,320Stride Property Group 8.0% 1.4% $1,112,305Scentre Group Smart Communications Group 8.2% 1.2% $941,191Dexus 6.0% 1.0% $822,224Mirvac Group 5.5% 0.9% $693,375GPT Group 7.2% 0.7% $592,366Stockland 9.2% 0.7% $544,553Vicinity Centres 8.7% 0.4% $354,365Charter Hall Group 5.7% 0.3% $270,957Shopping Centres Australasia 6.4% 0.2% $154,569Cromwell Property Group 10.1% 0.1% $115,299

Property Inflation PortfolioComplete Portfolio as at 20 April 2020

32




Property Inflation PortfolioComplete Portfolio as at 20 April 2020 (continued)

international shares 29.9% $24,193,351

Prologis 1.9% 4.0% $3,246,776Public Storage 3.5% 1.9% $1,521,172Digital Realty Trust 2.5% 1.9% $1,498,360Equity Residential 2.8% 1.6% $1,273,469Avalonbay Communities Inc 3.2% 1.5% $1,183,409Welltower 6.2% 1.2% $1,006,539Link 3.7% 1.2% $957,441Alexandria Real Estate Equities 2.1% 1.1% $909,516Simon Property Group 14.0% 1.1% $854,239Essex Property Trust Inc 2.6% 1.0% $841,727Realty Income Corp 4.8% 1.0% $836,164Boston Properties 3.7% 0.9% $737,322Invitation Homes Inc 1.9% 0.8% $652,266Healthpeak Properties Inc 5.0% 0.8% $644,315Duke Realty 2.1% 0.8% $635,749Mid-America Apartment Communities 2.9% 0.8% $631,681Extra Space Storage Inc 3.3% 0.8% $624,850Segro Plc Ord 2.6% 0.7% $570,616UDR 3.1% 0.7% $557,683Ventas 8.5% 0.7% $557,105Global share options n/a 0.7% $557,076WP Carey Inc 6.0% 0.7% $545,151Medical Properties Trust 5.8% 0.5% $439,147Unibail-Rodamco-Westfield 14.4% 0.5% $433,817

33




Property Inflation PortfolioComplete Portfolio as at 20 April 2020 (continued)

Host Hotels & Resorts Inc 5.7% 0.5% $399,337Nippon Building Fund Inc 4.0% 0.5% $378,998Vornado Realty Trust 6.3% 0.5% $372,987Vici Properties Inc 7.7% 0.5% $370,151Japan Real Estate Investment 3.9% 0.4% $357,478Kilroy Realty Corp 2.5% 0.4% $338,320VEREIT 10.8% 0.3% $260,488

alternative securities 1.4% $1,119,152

Universa Black Swan Protection Protocol n/a 1.4% $1,119,152





3. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details of the total economic exposure calculations, contact NZ Funds.

Note: Rounding may affect any subtotals and totals.

international shares (continued)

34

Property Inflation Portfolio

Property Inflation Portfolio






Note


Notes

35

Equity Inflation PortfolioPerformance since inception (31 October 2008) to 30 April 2020



12 monthsX

Volatility 5 years^

Equity Inflation Portfolio -6.13% 4.97% -6.27% -3.39% -2.51% 1.29% 7.93% 46.08% 52.67% -19.50% 10.01%

36






New Zealand interest rate swaps exposure n/a 0.2% $131,848Westpac term deposit 2.0% 0.0% $39,852




Equity index futures (long) n/a 18.1% $15,039,435MFS Global Research Focused Fund 0.2% 14.3% $11,851,858Suvretta Offshore Fund n/a 10.5% $8,724,932LSV Global Concentrated Fund 0.6% 6.2% $5,157,024Emerson Point Capital Partners LP n/a 4.7% $3,918,737Global share options n/a 0.9% $768,001

Equity Inflation PortfolioComplete Portfolio as at 20 April 2020

37




Equity Inflation PortfolioComplete Portfolio as at 20 April 2020 (continued)



3. Inflation swaps notional value is currently $10,308,823. 4. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken


commodities 7.9% $6,543,746

Commodities precious metal futures exposure n/a 7.6% $6,343,160Commodity base metals option exposure n/a 0.2% $200,585





38

Equity Inflation Portfolio

Equity Inflation Portfolio






Note


Notes

39

Core Growth PortfolioPerformance since inception (31 October 2008) to 30 April 2020 for Core Growth Portfolio



12 monthsX

Volatility 5 years^

Core Growth Portfolio -5.47% 7.28% -6.92% -2.09% -8.32% -7.09% -4.77% 31.62% 38.58% -23.75% 14.96%

40

Core Growth PortfolioTax-adjusted performance to 30 April 2020 for Core Growth Composite Strategy**

Composite strategy returns** Year-to-date 1 month 3 months 6 months 1 year 2 years† 5 years† 10 years†Since


12 monthsX

Volatility 5 years^

Core Growth Composite Strategy -5.47% 7.28% -6.92% -2.09% -8.32% -7.09% -4.77% 31.62% 148.64% -23.75% 14.96%

41

Strategy / Security1 Estimatedyield2




international bonds 0.8% $853,592

Credit default swaps - Market value3 n/a 0.8% $853,592


Equity index futures (long) n/a 59.1% $61,320,638Suvretta Offshore Fund n/a 20.4% $21,194,570Emerson Point Capital Partners LP n/a 10.6% $10,996,659Uber Technologies Inc 0.0% 6.0% $6,252,645Global share options n/a 1.7% $1,742,692Lyft 0.0% 1.0% $1,076,856

commodities 28.8% $29,850,044

Commodities precious metal futures exposure n/a 27.4% $28,422,320Commodity base metals option exposure n/a 1.4% $1,427,724





Core Growth PortfolioComplete Portfolio as at 20 April 2020



3. Credit default swaps notional value is currently $114,988,465. 4. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken


42

Core Growth Portfolio

Core Growth Portfolio






Note


Composite Strategy

** The Composite Strategy is used to illustrate the long-term performance of the investment approach used in managing the Core Growth Portfolio.

The Composite Strategy does not represent the historic returns of the Core Growth Portfolio.

It illustrates the historical performance of the NZ Funds approach of managing assets of the type held within the Core Growth Portfolio.

The Composite Strategy is tax-adjusted to remove, as much as possible, the impact of the different tax regimes that applied during the calculation period. Returns are stated after Portfolio fees and expenses, but before any advisory fees or investor tax.

For more detail on the calculation of the Core Growth Composite Strategy please contact NZ Funds.

The performance of the Core Growth Composite Strategy is not an indication of the future returns of the Core Growth Portfolio.

Notes

43

Global Equity Growth PortfolioPerformance since inception (31 October 2008) to 30 April 2020 for Global Equity Growth Portfolio



12 monthsX

Volatility 5 years^

Global Equity Growth Portfolio -8.17% 7.49% -7.32% -4.59% -5.02% -1.62% 16.48% 55.12% 63.94% -21.97% 12.50%

44

Global Equity Growth PortfolioTax-adjusted performance to 30 April 2020 for Global Equity Growth Composite Strategy**



12 monthsX

Volatility 5 years^

Global Equity Growth Composite Strategy -8.17% 7.49% -7.32% -4.59% -5.02% -1.62% 16.48% 55.12% 255.00% -21.97% 12.50%

45

Global Equity Growth PortfolioComplete Portfolio as at 20 April 2020




cash and cash equivalents 1.0% $945,294


Westpac term deposit 2.0% 5.2% $4,944,091




MFS Global Research Focused Fund 0.2% 34.3% $32,429,306Equity index futures (long) n/a 31.3% $29,597,252LSV Global Concentrated Fund 0.6% 16.0% $15,079,809Global share options n/a 1.4% $1,330,803Uber Technologies Inc 0.0% 0.8% $751,808Lyft 0.0% 0.1% $129,479


Commodities precious metal futures exposure n/a 3.6% $3,417,454Commodities base metals futures exposure n/a 3.0% $2,805,616Commodity base metals option exposure n/a 0.2% $171,667

46

Global Equity Growth PortfolioComplete Portfolio as at 20 April 2020 (continued)



3. Credit default swaps notional value is currently $13,826,028. 4. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken









47

Global Equity Growth Portfolio

Global Equity Growth Portfolio



Maximum Decline and Volatilityx Returns should be looked at in conjunction with the level of risk associated with an investment.

We use 'maximum decline' as a measure of risk. It represents the largest decline in value experienced during the previous 12 months.


Note


Composite Strategy

** The Composite Strategy is used to illustrate the long-term performance of the investment approach used in managing the Global Equity Growth Portfolio.

The Composite Strategy does not represent the historic returns of the Global Equity Growth Portfolio.

It illustrates the historical performance of the NZ Funds approach of managing assets of the type held within the Global Equity Growth Portfolio.


For more detail on the calculation of the Global Equity Growth Composite Strategy please contact NZ Funds.

The performance of the Global Equity Growth Composite Strategy is not an indication of the future returns of the Global Equity Growth Portfolio.

Notes

48

Dividend and Growth PortfolioPerformance since inception (31 October 2008) to 30 April 2020 for Dividend and Growth Portfolio



12 monthsX

Volatility 5 years^

Dividend and Growth Portfolio -10.36% 4.65% -13.02% -6.34% -1.97% 5.26% 44.17% 100.34% 115.07% -28.64% 11.23%

49

Dividend and Growth PortfolioTax-adjusted performance to 30 April 2020 for Dividend and Growth Composite Strategy**



12 monthsX

Volatility 5 years^

Dividend and Growth Composite Strategy -10.36% 4.65% -13.02% -6.34% -1.97% 5.26% 44.17% 100.34% 791.49% -28.64% 11.23%

50


yield1







Australian futures index exposure n/a 9.5% $11,950,568Spark New Zealand 7.7% 8.8% $11,022,972a2 Milk 0.2% 8.2% $10,285,883Meridian Energy 6.1% 7.8% $9,787,885Chorus 4.9% 7.8% $9,739,212Fisher & Paykel Healthcare 1.6% 6.8% $8,469,635Contact Energy 8.1% 6.2% $7,719,757Tower 4.6% 4.9% $6,150,714Ryman Healthcare 1.9% 4.0% $5,000,712Fletcher Building 6.9% 3.9% $4,862,222Mainfreight 2.3% 3.6% $4,566,574Infratil 4.8% 3.6% $4,541,835Auckland International Airport 2.9% 3.3% $4,194,757

Dividend and Growth PortfolioComplete Portfolio as at 20 April 2020

51


yield1



australasian shares (continued)

Dividend and Growth PortfolioComplete Portfolio as at 20 April 2020 (continued)

1. The yield calculation represents an estimate of the yield on the Portfolio, calculated using forecast dividends (Source: Bloomberg), NZ Funds' estimate of imputation credits where appropriate, and hedged back to New Zealand dollars where appropriate. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds.

2. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details of the total economic exposure calculations, contact NZ Funds.


Ebos 3.5% 3.3% $4,159,732Summerset Group Holdings Ltd Snz 2.5% 3.0% $3,762,190Goodman Property Trust 3.1% 3.0% $3,734,687Port of Tauranga 3.1% 2.4% $3,039,071Precinct Properties New Zealand 4.7% 2.0% $2,521,165Kiwi Property Group Ltd 7.4% 1.9% $2,362,276



52

Dividend and Growth Portfolio

Dividend and Growth Portfolio






Note


Composite Strategy

** The Composite Strategy is used to illustrate the long-term performance of the investment approach used in managing the Dividend and Growth Portfolio.

The Composite Strategy does not represent the historic returns of the Dividend and Growth Portfolio.

It illustrates the historical performance of the NZ Funds approach of managing assets of the type held within the Dividend and Growth Portfolio.


For more detail on the calculation of the Dividend and Growth Composite Strategy please contact NZ Funds.

The performance of the Dividend and Growth Composite Strategy is not an indication of the future returns of the Dividend and Growth Portfolio.

Notes

53


54

NZ Funds KiwiSaver Scheme Income StrategyPerformance since inception (31 October 2010) to 30 April 2020

Strategy returns* Year-to-date 1 month 3 months 6 months 1 year 2 years† 5 years†Since


12 monthsX

Volatility 5 years^

Income Strategy -2.85% 3.83% -4.56% -2.86% 1.48% 6.30% 17.23% 42.00% -10.48% 3.16%

55


yield1

Credit rating





Vector Ltd 4.996% 14/03/2024 2.4% BBB 5.0% $1,798,744Westpac Banking 4.695% 01/09/2026 4.4% BBB 3.2% $1,163,382WEL Networks 4.9% 02/08/2023 3.8% NR 2.8% $1,010,584Precinct Properties New Zealand 4.42% 27/11/2024 3.4% NR 2.6% $930,060Insurance Australia Group 5.15% 15/06/2043 4.3% BBB 2.4% $857,962Property for Industry 4.59% 28/11/2024 3.2% NR 2.2% $799,665Westpac floating perpetual 1.2% BBB+ 2.2% $776,684Fletcher Building 3.9% 15/03/2025 5.9% NR 2.0% $735,313Powerco 4.67% 15/11/2024 2.3% BBB 2.0% $713,633Infratil 5.5% 15/06/2024 5.7% NR 1.7% $610,512Housing NZ Ltd 3.36% 12/06/2025 1.1% AA+ 1.7% $595,991NEXTDC 6.25% 09/06/2021 4.9% NR 1.6% $569,428Fletcher Building Industries 4.75% 15/03/2021 5.5% NR 1.4% $506,008Property for Industry 4.25% 01/10/2025 3.3% NR 1.4% $500,134Peet 6.75% 07/06/2024 6.8% NR 1.4% $497,943New Zealand Government Bond 1.5% 15/05/2031 1.1% AA+ 1.2% $444,586Westpac Banking floating 27/08/2029 3.2% BBB+ 1.1% $390,072Trustpower 3.97% 22/02/2029 3.6% NR 0.9% $333,625Trustpower 4.01% 15/12/2022 2.9% NR 0.9% $328,118

Complete Strategy as at 20 April 2020

NZ Funds KiwiSaver Scheme Income Strategy

56

Complete Strategy as at 20 April 2020 (continued)


ANZ floating perpetual 1.3% BBB+ 0.8% $276,381Mercury NZ 3.6% 11/07/2049 3.3% BB+ 0.8% $273,901Spark Finance 2.6% 18/03/2030 2.6% A- 0.7% $260,806New Zealand interest rate swaps exposure n/a n/a 0.6% $216,509Argosy Property 2.9% 29/10/2026 4.0% NR 0.5% $193,391Trustpower Ltd 3.35% 29/07/2026 3.4% NR 0.3% $102,338Metlifecare Ltd 3% 30/09/2026 4.2% NR 0.2% $86,933National Australia Bank Income Securities perpetual 0.0% BBB- 0.1% $27,208


American Homes 4 Rent 4.9% 15/02/2029 3.7% BBB- 3.3% $1,191,549JPMorgan Chase 3.625% 01/12/2027 1.7% BBB+ 2.8% $1,006,887Southern Copper 7.50% 27/07/2035 4.2% BBB+ 2.7% $958,339Goldman Sachs 3.5% 01/04/2025 1.5% BBB+ 2.4% $872,822Citigroup Inc 4.125% 25/07/2028 2.3% BBB 2.3% $822,984AT&T Inc 4.35% 01/03/2029 1.8% BBB 2.1% $754,956Netflix 5.375% 15/11/2029 3.3% BB- 2.1% $747,800Uber Technologies 8% 01/11/2026 6.7% CCC+ 1.7% $606,188Tyson Foods Inc 4.35% 01/03/2029 1.4% BBB+ 1.6% $561,072McDonald's Corp 2.625% 01/09/2029 1.4% BBB+ 1.3% $482,722Verizon Communications Inc 4.016% 03/12/2029 1.3% BBB+ 1.3% $479,520


yield1

Credit rating

Strategy exposure %

Strategy exposure $


57



1. The yield calculation represents an estimate of the yield on the Strategy, calculated using the most recent information provided by the external investment managers involved in managing the Strategy, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Strategy summary. The yield is not the actual return on the Strategy, nor is it a projection or forecast. The Strategy's return could be less than the Strategy's yield. Details of the yield calculation are available on request from NZ Funds.

2. Credit default swaps notional value is currently $30,084,257. 3. Total economic exposure represents the total economic value of a Strategy, which is the net asset value of the Strategy adjusted for the effect of direct derivative positions taken

by the Strategy and indirect derivative positions taken other than via a fund including hedge funds. For more details of the total economic exposure calculations, contact NZ Funds. Note: Rounding may affect any subtotals and totals.


yield1

Credit rating

Strategy exposure %

Strategy exposure $

Oracle Corp 2.8% 01/04/2027 1.1% A+ 1.2% $438,867Bank of America Corp 3.864% 23/07/2024 1.1% A- 0.8% $300,472Dell 6.02% 15/06/2026 3.4% BBB- 0.8% $276,664Credit default swaps - Market value2 n/a n/a 0.6% $224,295British Telecom 5.125% 04/12/2028 2.4% BBB 0.6% $220,183Broadcom Inc 4.25% 15/04/2026 2.4% BBB- 0.5% $174,602United States bond futures n/a n/a 0.0% $5,910


foreign currency exposure 2.2% $774,082


58



* Returns are stated after Strategy fees and expenses, but before any advisory fees or investor tax. Past performance is not necessarily an indication of future returns.




^ This is the annualised standard deviation calculated from weekly returns of the Strategy over the 5 years ending 31 March 2020. For more details on the Strategy’s Maximum Decline and Volatility please contact NZ Funds.

Note


Notes

59

NZ Funds KiwiSaver Scheme Inflation StrategyPerformance since inception (31 October 2010) to 30 April 2020



12 monthsX

Volatility 5 years^

Inflation Strategy -7.18% 5.30% -8.26% -4.04% -1.19% 5.14% 12.52% 53.86% -21.36% 10.42%

60






Westpac term deposit 2.0% 0.1% $49,625New Zealand inflation swaps exposure n/a 0.2% $97,584






Equity index futures (long) n/a 11.9% $6,449,906MFS Global Research Focused Fund 0.2% 6.4% $3,469,332Suvretta Offshore Fund n/a 5.3% $2,845,178LSV Global Concentrated Fund 0.6% 2.9% $1,579,955Emerson Point Capital Partners LP n/a 2.2% $1,199,440Global share options n/a 0.6% $329,370

NZ Funds KiwiSaver Scheme Inflation StrategyComplete Strategy as at 20 April 2020

61




NZ Funds KiwiSaver Scheme Inflation StrategyComplete Strategy as at 20 April 2020 (continued)

1. Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash. 2. The yield calculation represents an estimate of the yield on the Strategy, calculated using the most recent information provided by the external investment managers involved in

managing the Strategy, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Strategy summary. The yield is not the actual return on the Strategy, nor is it a projection or forecast. The Strategy's return could be less than the Strategy's yield. Details of the yield calculation are available on request from NZ Funds.

3. Inflation swaps notional value is currently $7,629,817. 4. Total economic exposure represents the total economic value of a Strategy, which is the net asset value of the Strategy adjusted for the effect of direct derivative positions taken




alternative securities 1.4% $733,949

Universa Black Swan Protection Protocol n/a 1.4% $733,949



62

NZ Funds KiwiSaver Scheme Inflation Strategy

NZ Funds KiwiSaver Scheme Inflation Strategy






Note


Notes

63

NZ Funds KiwiSaver Scheme Growth StrategyPerformance since inception (31 October 2010) to 30 April 2020



12 monthsX

Volatility 5 years^

Growth Strategy -8.88% 5.38% -10.63% -5.33% -6.99% -1.90% 12.03% 77.84% -22.60% 13.47%

64

NZ Funds KiwiSaver Scheme Growth Strategy







Credit default swaps - Market value3 n/a 0.6% $1,278,455




Equity index futures (long) n/a 19.8% $39,275,998MFS Global Research Focused Fund 0.2% 13.0% $25,757,127Suvretta Offshore Fund n/a 10.4% $20,659,388LSV Global Concentrated Fund 0.6% 6.1% $12,143,212Uber Technologies Inc 0.0% 4.7% $9,364,808Emerson Point Capital Partners LP n/a 4.4% $8,831,891Global share options n/a 1.1% $2,143,369Lyft 0.0% 0.8% $1,612,845

commodities 23.3% $46,367,225

Commodities precious metal futures exposure n/a 22.2% $44,177,995Commodity base metals option exposure n/a 1.1% $2,189,230

65







2. Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash. 3. Credit default swaps notional value is currently $172,222,308. 4. Total economic exposure represents the total economic value of a Strategy, which is the net asset value of the Strategy adjusted for the effect of direct derivative positions taken






66








Note


Notes

67


68

NZ Funds Managed Superannuation Service Income Strategy - B ritish PoundsPerformance since inception (11 August 2017) to 30 April 2020



12 monthsX

Volatility 5 years^

Income Strategy - British Pounds 1.08% 2.81% -4.40% -2.29% 5.44% 8.59% n/a 17.64% -12.53% 10.88%

This Strategy was previously known as the ROPS GBP Income Strategy.

69


yield1

Credit rating





Vector Ltd 4.996% 14/03/2024 2.4% BBB 5.0% $577,557Westpac Banking 4.695% 01/09/2026 4.4% BBB 3.2% $373,549WEL Networks 4.9% 02/08/2023 3.8% NR 2.8% $324,488Precinct Properties New Zealand 4.42% 27/11/2024 3.4% NR 2.6% $298,632Insurance Australia Group 5.15% 15/06/2043 4.3% BBB 2.4% $275,482Property for Industry 4.59% 28/11/2024 3.2% NR 2.2% $256,764Westpac floating perpetual 1.2% BBB+ 2.2% $249,385Fletcher Building 3.9% 15/03/2025 5.9% NR 2.1% $236,101Powerco 4.67% 15/11/2024 2.3% BBB 2.0% $229,140Infratil 5.5% 15/06/2024 5.7% NR 1.7% $196,029Housing NZ Ltd 3.36% 12/06/2025 1.1% AA+ 1.7% $191,366NEXTDC 6.25% 09/06/2021 4.9% NR 1.6% $182,837Fletcher Building Industries 4.75% 15/03/2021 5.5% NR 1.4% $162,474Property for Industry 4.25% 01/10/2025 3.3% NR 1.4% $160,587Peet 6.75% 07/06/2024 6.8% NR 1.4% $159,884New Zealand Government Bond 1.5% 15/05/2031 1.1% AA+ 1.2% $142,752Westpac Banking floating 27/08/2029 3.2% BBB+ 1.1% $125,248Trustpower 3.97% 22/02/2029 3.6% NR 0.9% $107,123Trustpower 4.01% 15/12/2022 2.9% NR 0.9% $105,355ANZ floating perpetual 1.3% BBB+ 0.8% $88,743


NZ Funds Managed Superannuation Service Income Strategy - B ritish PoundsThis Strategy was previously known as the ROPS GBP Income Strategy.

70


NZ Funds Managed Superannuation Service Income Strategy - B ritish Pounds

Mercury NZ 3.6% 11/07/2049 3.3% BB+ 0.8% $87,947Spark Finance 2.6% 18/03/2030 2.6% A- 0.7% $83,742New Zealand interest rate swaps exposure n/a n/a 0.6% $69,519Argosy Property 2.9% 29/10/2026 4.0% NR 0.5% $62,096Trustpower Ltd 3.35% 29/07/2026 3.4% NR 0.3% $32,860Metlifecare Ltd 3% 30/09/2026 4.2% NR 0.2% $27,913National Australia Bank Income Securities perpetual 0.0% BBB- 0.1% $8,736


American Homes 4 Rent 4.9% 15/02/2029 3.7% BBB- 3.3% $382,593JPMorgan Chase 3.625% 01/12/2027 1.7% BBB+ 2.8% $323,301Southern Copper 7.50% 27/07/2035 4.2% BBB+ 2.7% $307,712Goldman Sachs 3.5% 01/04/2025 1.5% BBB+ 2.4% $280,254Citigroup Inc 4.125% 25/07/2028 2.3% BBB 2.3% $264,251AT&T Inc 4.35% 01/03/2029 1.8% BBB 2.1% $242,408Netflix 5.375% 15/11/2029 3.3% BB- 2.1% $240,111Uber Technologies 8% 01/11/2026 6.7% CCC+ 1.7% $194,640Tyson Foods Inc 4.35% 01/03/2029 1.4% BBB+ 1.6% $180,154McDonald's Corp 2.625% 01/09/2029 1.4% BBB+ 1.3% $154,997Verizon Communications Inc 4.016% 03/12/2029 1.3% BBB+ 1.3% $153,969Oracle Corp 2.8% 01/04/2027 1.1% A+ 1.2% $140,915


yield1

Credit rating

Strategy exposure %

Strategy exposure $



71


NZ Funds Managed Superannuation Service Income Strategy - B ritish Pounds


2. Credit default swaps notional value is currently $9,659,728.3. Total economic exposure represents the total economic value of a Strategy, which is the net asset value of the Strategy adjusted for the effect of direct derivative positions taken



yield1

Credit rating

Strategy exposure %

Strategy exposure $



Bank of America Corp 3.864% 23/07/2024 1.1% A- 0.8% $96,478Dell 6.02% 15/06/2026 3.4% BBB- 0.8% $88,834Credit default swaps - Market value2 n/a n/a 0.6% $72,019British Telecom 5.125% 04/12/2028 2.4% BBB 0.6% $70,698Broadcom Inc 4.25% 15/04/2026 2.4% BBB- 0.5% $56,063United States bond futures n/a n/a 0.0% $1,898


gbp currency exposure 97.1% $11,183,238

other foreign currency exposure 2.2% $248,246

72

NZ Funds Managed Superannuation Service Income Strategy - British Pounds





^ This is the annualised standard deviation calculated using weekly returns of the Strategy and market index data over the 5 years ending 31 March 2020. Market index data is used for calculating the volatility prior to the inception date. For more details on the market index data, see the SIPO for the NZ Funds Managed Superannuation Service. For more details on the Strategy’s Maximum Decline and Volatility please contact NZ Funds.

Note


Notes

NZ Funds Managed Superannuation Service Income Strategy - B ritish PoundsThis Strategy was previously known as the ROPS GBP Income Strategy.

73

NZ Funds Managed Superannuation Service Growth Strategy - B ritish PoundsPerformance since inception (3 December 2019) to 30 April 2020



12 monthsX

Volatility 5 years^

Growth Strategy - British Pounds -5.61% 4.48% -10.20% n/a n/a n/a n/a -5.21% -23.81% 16.04%

74







australasian shares 27.4% $617,319

Dividend and Growth Strategy 3.8% 27.4% $617,319


Equity index futures (long) n/a 19.8% $445,302MFS Global Research Focused Fund 0.2% 13.0% $292,028Suvretta Offshore Fund n/a 10.4% $234,231LSV Global Concentrated Fund 0.6% 6.1% $137,677Uber Technologies Inc 0.0% 4.7% $106,176Emerson Point Capital Partners LP n/a 4.4% $100,134Global share options n/a 1.1% $24,301Lyft 0.0% 0.8% $18,286


NZ Funds Managed Superannuation Service Growth Strategy - B ritish Pounds

75









commodities 23.4% $525,701

Commodities precious metal futures exposure n/a 22.3% $500,880Commodity base metals option exposure n/a 1.1% $24,821




gbp currency exposure 93.4% $2,103,018

other foreign currency exposure 2.2% $49,813


76

NZ Funds Managed Superannuation Service Growth Strategy - British Pounds






Note


Notes


77

NZ Funds Managed Superannuation Service Income StrategyPerformance since inception (25 January 2017) to 30 April 2020



12 monthsX

Volatility 5 years^

Income Strategy -2.77% 3.90% -4.45% -2.80% 1.50% 6.35% 8.28% 9.10% -10.45% 3.11%

78


yield1

Credit rating





Vector Ltd 4.996% 14/03/2024 2.4% BBB 5.1% $435,189Westpac Banking 4.695% 01/09/2026 4.4% BBB 3.3% $281,469WEL Networks 4.9% 02/08/2023 3.8% NR 2.9% $244,501Precinct Properties New Zealand 4.42% 27/11/2024 3.4% NR 2.7% $225,019Insurance Australia Group 5.15% 15/06/2043 4.3% BBB 2.4% $207,575Property for Industry 4.59% 28/11/2024 3.2% NR 2.3% $193,471Westpac floating perpetual 1.2% BBB+ 2.2% $187,911Fletcher Building 3.9% 15/03/2025 5.9% NR 2.1% $177,902Powerco 4.67% 15/11/2024 2.3% BBB 2.0% $172,657Infratil 5.5% 15/06/2024 5.7% NR 1.7% $147,707Housing NZ Ltd 3.36% 12/06/2025 1.1% AA+ 1.7% $144,194NEXTDC 6.25% 09/06/2021 4.9% NR 1.6% $137,768Fletcher Building Industries 4.75% 15/03/2021 5.5% NR 1.4% $122,424Property for Industry 4.25% 01/10/2025 3.3% NR 1.4% $121,002Peet 6.75% 07/06/2024 6.8% NR 1.4% $120,472New Zealand Government Bond 1.5% 15/05/2031 1.1% AA+ 1.3% $107,563Westpac Banking floating 27/08/2029 3.2% BBB+ 1.1% $94,374Trustpower 3.97% 22/02/2029 3.6% NR 1.0% $80,717Trustpower 4.01% 15/12/2022 2.9% NR 0.9% $79,385ANZ floating perpetual 1.3% BBB+ 0.8% $66,868


NZ Funds Managed Superannuation Service Income Strategy

79



Mercury NZ 3.6% 11/07/2049 3.3% BB+ 0.8% $66,268Spark Finance 2.6% 18/03/2030 2.6% A- 0.7% $63,100New Zealand interest rate swaps exposure n/a n/a 0.6% $52,382Argosy Property 2.9% 29/10/2026 4.0% NR 0.6% $46,789Trustpower Ltd 3.35% 29/07/2026 3.4% NR 0.3% $24,760Metlifecare Ltd 3% 30/09/2026 4.2% NR 0.2% $21,033National Australia Bank Income Securities perpetual 0.0% BBB- 0.1% $6,583


American Homes 4 Rent 4.9% 15/02/2029 3.7% BBB- 3.4% $288,284JPMorgan Chase 3.625% 01/12/2027 1.7% BBB+ 2.9% $243,607Southern Copper 7.50% 27/07/2035 4.2% BBB+ 2.7% $231,861Goldman Sachs 3.5% 01/04/2025 1.5% BBB+ 2.5% $211,171Citigroup Inc 4.125% 25/07/2028 2.3% BBB 2.3% $199,113AT&T Inc 4.35% 01/03/2029 1.8% BBB 2.2% $182,654Netflix 5.375% 15/11/2029 3.3% BB- 2.1% $180,923Uber Technologies 8% 01/11/2026 6.7% CCC+ 1.7% $146,661Tyson Foods Inc 4.35% 01/03/2029 1.4% BBB+ 1.6% $135,746McDonald's Corp 2.625% 01/09/2029 1.4% BBB+ 1.4% $116,790Verizon Communications Inc 4.016% 03/12/2029 1.3% BBB+ 1.4% $116,015Oracle Corp 2.8% 01/04/2027 1.1% A+ 1.3% $106,180Bank of America Corp 3.864% 23/07/2024 1.1% A- 0.9% $72,696


yield1

Credit rating

Strategy exposure %

Strategy exposure $


80




2. Credit default swaps notional value is currently $7,278,592 3. Total economic exposure represents the total economic value of a Strategy, which is the net asset value of the Strategy adjusted for the effect of direct derivative positions taken



yield1

Credit rating

Strategy exposure %

Strategy exposure $


Dell 6.02% 15/06/2026 3.4% BBB- 0.8% $66,936Credit default swaps - Market value2 n/a n/a 0.6% $54,266British Telecom 5.125% 04/12/2028 2.4% BBB 0.6% $53,271Broadcom Inc 4.25% 15/04/2026 2.4% BBB- 0.5% $42,243United States bond futures n/a n/a 0.0% $1,430


foreign currency exposure 2.2% $187,282

81








Note


Notes

82

NZ Funds Managed Superannuation Service Inflation StrategyPerformance since inception (25 January 2017) to 30 April 2020



12 monthsX

Volatility 5 years^

Inflation Strategy -7.14% 5.31% -8.08% -3.65% -1.06% 5.10% 12.02% 11.51% -21.15% 9.42%

83






Westpac term deposit 2.0% 0.1% $10,141New Zealand inflation swaps exposure n/a 0.2% $19,941






Equity index futures (long) n/a 11.9% $1,318,024MFS Global Research Focused Fund 0.2% 6.4% $708,950Suvretta Offshore Fund n/a 5.3% $581,406LSV Global Concentrated Fund 0.6% 2.9% $322,860Emerson Point Capital Partners LP n/a 2.2% $245,103Global share options n/a 0.6% $67,306


NZ Funds Managed Superannuation Service Inflation Strategy

84







3. Inflation swaps notional value is currently $1,559,137. 4. Total economic exposure represents the total economic value of a Strategy, which is the net asset value of the Strategy adjusted for the effect of direct derivative positions taken




Commodities precious metal futures exposure n/a 5.0% $555,901Commodity base metals option exposure n/a 0.2% $17,579





85







Note


Notes


86

NZ Funds Managed Superannuation Service Growth StrategyPerformance since inception (25 January 2017) to 30 April 2020



12 monthsX

Volatility 5 years^

Growth Strategy -9.25% 5.52% -10.47% -5.61% -6.40% -1.15% 9.23% 10.52% -22.53% 12.64%

87










Equity index futures (long) n/a 19.7% $6,222,976MFS Global Research Focused Fund 0.2% 12.9% $4,081,016Suvretta Offshore Fund n/a 10.4% $3,273,319LSV Global Concentrated Fund 0.6% 6.1% $1,923,997Uber Technologies Inc 0.0% 4.7% $1,483,781Emerson Point Capital Partners LP n/a 4.4% $1,399,344Global share options n/a 1.1% $339,600Lyft 0.0% 0.8% $255,543


NZ Funds Managed Superannuation Service Growth Strategy

88










commodities 23.3% $7,346,526






89







Note


Notes


90


91


92

NZ Funds WealthBuilder Income StrategyPerformance since inception (27 February 2020) to 30 April 2020



12 monthsX

Volatility 5 years^

Income Strategy -5.34% 3.90% n/a n/a n/a n/a n/a -5.34% 10.50% 3.16%

93


yield1

Credit rating



cash and cash equivalents 31.4% $296

australasian bonds 41.7% $393

Vector Ltd 4.996% 14/03/2024 2.4% BBB 5.0% $47Westpac Banking 4.695% 01/09/2026 4.4% BBB 3.2% $30WEL Networks 4.9% 02/08/2023 3.8% NR 2.8% $26Precinct Properties New Zealand 4.42% 27/11/2024 3.4% NR 2.6% $24Insurance Australia Group 5.15% 15/06/2043 4.3% BBB 2.4% $22Property for Industry 4.59% 28/11/2024 3.2% NR 2.2% $21Westpac floating perpetual 1.2% BBB+ 2.2% $20Fletcher Building 3.9% 15/03/2025 5.9% NR 2.0% $19Powerco 4.67% 15/11/2024 2.3% BBB 2.0% $19Infratil 5.5% 15/06/2024 5.7% NR 1.7% $16Housing NZ Ltd 3.36% 12/06/2025 1.1% AA+ 1.7% $16NEXTDC 6.25% 09/06/2021 4.9% NR 1.6% $15Fletcher Building Industries 4.75% 15/03/2021 5.5% NR 1.4% $13Property for Industry 4.25% 01/10/2025 3.3% NR 1.4% $13Peet 6.75% 07/06/2024 6.8% NR 1.4% $13New Zealand Government Bond 1.5% 15/05/2031 1.1% AA+ 1.2% $12Westpac Banking floating 27/08/2029 3.2% BBB+ 1.1% $10Trustpower 3.97% 22/02/2029 3.6% NR 0.9% $9Trustpower 4.01% 15/12/2022 2.9% NR 0.9% $9


NZ Funds WealthBuilder Income Strategy

94



ANZ floating perpetual 1.3% BBB+ 0.8% $7Mercury NZ 3.6% 11/07/2049 3.3% BB+ 0.8% $7Spark Finance 2.6% 18/03/2030 2.6% A- 0.7% $7New Zealand interest rate swaps exposure n/a n/a 0.6% $6Argosy Property 2.9% 29/10/2026 4.0% NR 0.5% $5Trustpower Ltd 3.35% 29/07/2026 3.4% NR 0.3% $3Metlifecare Ltd 3% 30/09/2026 4.2% NR 0.2% $2National Australia Bank Income Securities perpetual 0.0% BBB- 0.1% $1

international bonds 28.1% $265

American Homes 4 Rent 4.9% 15/02/2029 3.7% BBB- 3.3% $31JPMorgan Chase 3.625% 01/12/2027 1.7% BBB+ 2.8% $26Southern Copper 7.50% 27/07/2035 4.2% BBB+ 2.7% $25Goldman Sachs 3.5% 01/04/2025 1.5% BBB+ 2.4% $23Citigroup Inc 4.125% 25/07/2028 2.3% BBB 2.3% $22AT&T Inc 4.35% 01/03/2029 1.8% BBB 2.1% $20Netflix 5.375% 15/11/2029 3.3% BB- 2.1% $20Uber Technologies 8% 01/11/2026 6.7% CCC+ 1.7% $16Tyson Foods Inc 4.35% 01/03/2029 1.4% BBB+ 1.6% $15McDonald's Corp 2.625% 01/09/2029 1.4% BBB+ 1.3% $13Verizon Communications Inc 4.016% 03/12/2029 1.3% BBB+ 1.3% $13


yield1

Credit rating

Strategy exposure %

Strategy exposure $


95




2. Credit default swaps notional value is currently $1,572. 3. Total economic exposure represents the total economic value of a Strategy, which is the net asset value of the Strategy adjusted for the effect of direct derivative positions taken



yield1

Credit rating

Strategy exposure %

Strategy exposure $

Oracle Corp 2.8% 01/04/2027 1.1% A+ 1.2% $12Bank of America Corp 3.864% 23/07/2024 1.1% A- 0.8% $8Dell 6.02% 15/06/2026 3.4% BBB- 0.8% $7Credit default swaps - Market value2 n/a n/a 0.6% $6British Telecom 5.125% 04/12/2028 2.4% BBB 0.6% $6Broadcom Inc 4.25% 15/04/2026 2.4% BBB- 0.5% $5United States bond futures n/a n/a 0.0% $0

total economic exposure3 101.2% $955

foreign currency exposure 2.2% $20


96







^ This is the annualised standard deviation calculated using weekly returns of the Strategy and market index data over the 5 years ending 31 March 2020. Market index data is used for calculating the volatility prior to the inception date. For more details on the market index data, see the Statement of Policy and Objectives. For more details on the Strategy’s Maximum Decline and Volatility, please contact NZ Funds.

Note


Notes

97

NZ Funds WealthBuilder Inflation StrategyPerformance since inception (27 February 2020) to 30 April 2020



12 monthsX

Volatility 5 years^

Inflation Strategy -6.58% 5.28% n/a n/a n/a n/a n/a -6.58% 17.63% 8.74%

98





australasian bonds 0.3% $3

Westpac term deposit 2.0% 0.1% $1New Zealand inflation swaps exposure n/a 0.2% $2


Floating Rate and Perpetual Bond Strategy 1.0% 20.0% $189Inflation swaps - Market value3 n/a 0.8% $8

australasian shares 32.2% $306

Dividend and Growth Strategy 3.8% 32.2% $306

international shares 29.3% $279

Equity index futures (long) n/a 11.9% $113MFS Global Research Focused Fund 0.2% 6.4% $61Suvretta Offshore Fund n/a 5.3% $50LSV Global Concentrated Fund 0.6% 2.9% $28Emerson Point Capital Partners LP n/a 2.2% $21Global share options n/a 0.6% $6

NZ Funds WealthBuilder Inflation StrategyComplete Strategy as at 20 April 2020

99




NZ Funds WealthBuilder Inflation StrategyComplete Strategy as at 20 April 2020 (continued)



3. Inflation swaps notional value is currently $134. 4. Total economic exposure represents the total economic value of a Strategy, which is the net asset value of the Strategy adjusted for the effect of direct derivative positions taken


commodities 5.2% $49

Commodities precious metal futures exposure n/a 5.0% $48Commodity base metals option exposure n/a 0.2% $2

alternative securities 1.4% $13

Universa Black Swan Protection Protocol n/a 1.4% $13

total economic exposure4 102.7% $975


100

NZ Funds WealthBuilder Inflation Strategy

NZ Funds WealthBuilder Inflation Strategy






Note


Notes

101

NZ Funds WealthBuilder Growth StrategyPerformance since inception (27 February 2020) to 30 April 2020



12 monthsX

Volatility 5 years^

Growth Strategy -8.48% 5.47% n/a n/a n/a n/a n/a -8.48% 17.46% 11.94%

102

NZ Funds WealthBuilder Growth Strategy






Credit default swaps - Market value3 n/a 0.6% $34

australasian shares 27.4% $1,469

Dividend and Growth Strategy 3.8% 27.4% $1,469

international shares 60.2% $3,231

Equity index futures (long) n/a 19.7% $1,060MFS Global Research Focused Fund 0.2% 12.9% $695Suvretta Offshore Fund n/a 10.4% $557LSV Global Concentrated Fund 0.6% 6.1% $328Uber Technologies Inc 0.0% 4.7% $253Emerson Point Capital Partners LP n/a 4.4% $238Global share options n/a 1.1% $58Lyft 0.0% 0.8% $44


103








3. Credit default swaps notional value is currently $4,646. 4. Total economic exposure represents the total economic value of a Strategy, which is the net asset value of the Strategy adjusted for the effect of direct derivative positions taken



Commodities precious metal futures exposure n/a 22.2% $1,192Commodity base metals option exposure n/a 1.1% $59

alternative securities 2.7% $144

Universa Black Swan Protection Protocol n/a 2.7% $144

total economic exposure4 115.2% $6,183


104








Note


Notes

105

Manager portfolios

106

Floating Rate and Perpetual Bond StrategyComplete Portfolio as at 20 April 2020


yield1





New Zealand Government Bond 1.5% 15/05/2031 1.1% 13.4% $12,193,676New Zealand Government Bond 5.5% 15/04/2023 0.1% 5.3% $4,843,957New Zealand interest rate swaps exposure n/a 0.2% $181,784


United States Government Bond 1.5% 15/02/2030 0.0% 16.2% $14,684,422Credit default swaps - Market value2 n/a 2.4% $2,145,458

copper 6.1% $5,560,129

First Quantum Minerals 6.875% 01/03/2026 8.4% 6.1% $5,560,129

diversified banks 20.3% $18,442,325

National Australia Bank Income Securities perpetual 0.0% 20.3% $18,442,325

107

Floating Rate and Perpetual Bond StrategyComplete Portfolio as at 20 April 2020 (continued)


yield1



office reit's 5.5% $4,956,037

Precinct Properties New Zealand 4.8% 27/09/2021 0.0% 5.5% $4,956,037

specialised reit's 3.6% $3,288,522

Public Storage 5.2% 4.5% 3.6% $3,288,522

retail - regional department store 4.0% $3,650,045

David Jones Finance 28/11/2025 4.0% 4.0% $3,650,045

total nz funds exposure 100.0% $90,778,443

1. The yield is not the actual return on the portfolio, nor is it a projection or forecast. Details of the yield calculation are available on request from NZ Funds. The yield includes foreign currency hedging points where appropriate.

2. Credit default swaps notional value is currently $289,017,341. Note: Rounding may affect any subtotals and totals.

108





Pfizer 3.5% 2.6% $1,013,022Verizon Communications 3.6% 2.4% $932,408McKesson 0.5% 2.2% $880,217Biogen 0.0% 2.2% $844,665Nippon Telegraph & Telephone 4.5% 2.1% $825,148ITOCHU 4.7% 2.0% $770,272AT&T 6.1% 2.0% $763,649Sanofi 3.2% 1.9% $749,877Amgen 2.2% 1.9% $744,212Bristol-Myers Squibb 2.4% 1.9% $744,068

total exposure top 10 (excl. cash and cash equivalents) 21.1% $8,267,538


LSV Global Concentrated ACWI StrategyIndicative Top 10 as at 20 April 2020

1. This is the most recent information received from the manager 31 March 2020. Actual holdings as at 20 April 2020 may vary from those shown in the table. 2. The yield is not the actual return on the portfolio, nor is it a projection or forecast. Details of the yield calculation are available on request from NZ Funds. The yield includes

foreign currency hedging points where appropriate. Note: Rounding may affect any subtotals and totals.

109





Amazon.com 0.0% - -CMS Energy 2.0% - -Fidelity National Information Services 0.5% - -Fiserv 0.0% - -Kansas City Southern 0.5% - -Medtronic 1.5% - -Microsoft 0.5% - -Mondelez International 1.7% - -Roper Technologies 0.0% - -Salesforce.com 0.0% - -

total exposure top 10 (excl. cash and cash equivalents) 34.1% $27,417,416


MFS Global Research Focused FundTop 10 as at 20 April 2020

1. Securities shown in the table are the top 10 highest exposure of the fund sorted in alphabetical order 2. The yield is not the actual return on the portfolio, nor is it a projection or forecast. Details of the yield calculation are available on request from NZ Funds. The yield includes

foreign currency hedging points where appropriate. Note: Rounding may affect any subtotals and totals. Note: Rounding may affect any subtotals and totals.

110


yield1







Australian futures index exposure n/a 9.6% $26,781,359Spark New Zealand 7.7% 8.9% $24,702,608a2 Milk 0.2% 8.3% $23,050,783Meridian Energy 6.1% 7.9% $21,934,762Chorus 4.9% 7.8% $21,825,686Fisher & Paykel Healthcare 1.6% 6.8% $18,980,550Contact Energy 8.1% 6.2% $17,300,064Tower 4.6% 4.9% $13,783,821Ryman Healthcare 1.9% 4.0% $11,206,653Fletcher Building 6.9% 3.9% $10,896,296Mainfreight 2.3% 3.7% $10,233,744Infratil 4.8% 3.7% $10,178,304Auckland International Airport 2.9% 3.4% $9,400,499

NZ Funds Management Dividend and Growth StrategyComplete Portfolio as at 20 April 2020

111


yield1



NZ Funds Management Dividend and Growth StrategyComplete Portfolio as at 20 April 2020 (continued)

1. The yield calculation represents an estimate of the yield on the Portfolio, calculated using forecast dividends (Source: Bloomberg), NZ Funds' estimate of imputation credits where appropriate, and hedged back to New Zealand dollars where appropriate. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds.


Ebos 3.5% 3.3% $9,322,007Summerset Group Holdings Ltd Snz 2.5% 3.0% $8,431,110Goodman Property Trust 3.1% 3.0% $8,369,476Port of Tauranga 3.1% 2.4% $6,810,593Precinct Properties New Zealand 4.7% 2.0% $5,649,961Kiwi Property Group Ltd 7.4% 1.9% $5,293,888



australasian shares (continued)

112


113

Managers

114

as at 20 April 2020

External Managers

managersecurity /

style

nz funds advised portfolio service nz funds kiwisaver scheme nz funds managed superannuation service

core cash portfolio

core income

portfolio

global income

portfolio

core inflation portfolio

property inflation portfolio

equity inflation portfolio

core growth

portfolio

global equity

growth portfolio

dividend and

growth portfolio

income strategy

inflation strategy

growth strategy

income strategy - british pounds

growth strategy - british pounds

income strategy

inflation strategy

growth strategy

emerson point

alternative securities

lsvglobal

shares - active

mfsglobal

shares - active

suvretta capital

alternative securities

universa alternative securities

115

Important Legal Information

Please note that these Portfolio Insights have been provided for information purposes only. The content of this document is not intended as a substitute for specific professional advice on investments, financial planning or any other matter.

While the information provided in this document is stated accurately to the best of our knowledge and belief, NZ Funds, its directors, employees and related parties accept no liability or responsibility for any loss, damage, claim or expense suffered or incurred by any party as a result of reliance on the information provided and opinions expressed in this document except as required by law.

For further information or to request a copy of the NZ Funds Advised Portfolio Service* Product Disclosure Statement, the NZ Funds KiwiSaver Scheme Product Disclosure Statement, or the NZ Funds Managed Superannuation Service Product Disclosure Statement, please contact New Zealand Funds Management Limited or visit our website at www.nzfunds.co.nz.


New Zealand Funds Management Limited

Level 16, 21 Queen Street

Private Bag 92163, Auckland 1142 New Zealand

T. 09 377 2277 E. [email protected]

www.nzfunds.co.nz

Follow us on twitter.com/nzfunds

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