Market Overview Funds at a Glance

Home , Kiwi Property Group, The A2 Milk Company

As of 31 August 2020

Market overview

Global markets were positive again in August on vaccine hope and a very strong For more information on our Funds, tech sector. The US S&P500 was up 7.2% and the MSCI World index up 6.3%. All please contact: share markets were positive, including Australia up 2.8% and NZ up 1.8%. Global bonds were weak (yields rose), with the US 10-year up 0.17% to 0.70% and the David Boyle Australian 10-year up the same to 0.98%. NZ bonds bucked the offshore moves Head of Sales & Marketing and our 10-year bond fell 0.14% to 0.61%. Level 25, SAP Tower 151 Queen Street, Auckland It was reporting season in NZ and Australia in August. NZ was generally better than New Zealand expectations, or at least not as bad as it might have been. Revenue and earnings were slightly ahead of expectations in aggregate; however, dividends disappointed P 0800 646 833 a bit as boards took an understandably conservative approach to distributions. E [email protected] Only one third of companies gave guidance for the period ahead reflecting the www.mintasset.co.nz prevailing highly uncertain operating environment.

EPS for companies reporting in Australia fell 20% for the year ending June, an outcome on a par with the GFC. However, this too was slightly better than expectations, with resilience in Consumer Staples, Building Materials and Discretionary Retail. The key upside factor this reporting season was better than expected cash flows, reflecting a fall in inventories and some delay in capex.

Funds at a glance

1 Month 3 Months 1 Year 5 Years

Mint Australasian Equity Fund Net* 0.77% 8.24% 14.92% 15.69% Gross** 0.89% 8.61% 16.51% 17.39% Mint Australasian Property Fund Net 2.88% 10.01% -5.69% 8.92% Gross 2.99% 10.32% -4.63% 10.49% Mint Diversified Income Fund Net 1.32% 4.37% 2.03% 5.12% Gross 1.42% 4.67% 3.20% 6.42% Mint Diversified Growth Fund Net 4.13% 10.91% 15.25% -% Gross 4.25% 11.28% 16.70% -% Performance returns greater than 3 months are per annum. *Net returns are after fees and before investor tax. Net after tax performance can be found in the latest Quarterly Fund Update, available on our website. **Gross returns are before fees and excluding imputation credits.

Investment team

Head of Portfolio Portfolio Portfolio Portfolio Investments Manager Manager Manager Manager Anthony Halls Carlie Eve David Fyfe John Middleton Marek Krzeczkowski

2007. February 15 inception: Fund tax. investor before and fees after are Returns performance. Cumulative

Mint Australasian Equity Fund Equity Australasian Mint

Feb-20 Feb-19 Feb-18 Feb-17 Feb-16 Feb-15 Feb-14 Feb-13 Feb-12 Feb-11 Feb-10 Feb-09 Feb-08 Feb-07

Spark New Zealand Limited Zealand New Spark

$6,000

Ltd. Healthcare Ryman

$10,000

Limited Energy Meridian

$14,000

Limited Mainfreight

$18,000

Corporation Healthcare l Payke & Fisher

$22,000

Limited Airport International Auckland

$26,000

Ltd. Company Milk a2

$30,000

Holdings Top

$34,000

$38,000

% 1 – Materials

since inception since invested 000 $10,

% 2 – Discretionary Consumer

% 4 – Technology Information

% 7 – equivalents cash and Cash

% 7 – Estate Real

% 10 – Industrials

% 11 – Services Communication

result. its after shortly

% 15 – Staples Consumer

announced a $270m investment into Mataura Valley Milk Milk Valley Mataura into investment $270m a announced

% 15 – Utilities

fear of an increase in capital intensity, as A2 also also A2 as intensity, capital in increase an of fear some with

% 29 – Care Health outlook commentary did not meet some bullish expectations expectations bullish some meet not did commentary outlook

A2 Milk fell from high levels on a very strong result, but but result, strong very a on levels high from fell Milk A2

year. next OCR negative a expecting

rallied as NZ’s bond curve fell, with some forecasters now now forecasters some with fell, curve bond NZ’s as rallied

ke Utilities and Property stocks stocks Property and Utilities ke li stocks related Yield month.

It helped too that cinemas globally began opening in the the in opening began globally cinemas that too helped It

collection from cinema operators during a challenging period. period. challenging a during operators cinema from collection

following a result that indicated better than expected cash cash expected than better indicated that result a following

outperformer for the month month the for outperformer market the was Group Vista

well. performing all CSL and Group Goodman

also came from some of the Australian holdings with Xero, Xero, with holdings Australian the of some from came also

ibutor was the a2 Milk Company. Positive contribution contribution Positive Company. Milk a2 the was ibutor contr

Mercury Energy and Contact Energy. The main negative negative main The Energy. Contact and Energy Mercury

The main positive contributions came from F&P Healthcare, Healthcare, F&P from came contributions positive main The

Sector Allocation Sector

month.

for the the for % 0.77 returned portfolio Our

returns Net

14.92 % 8.24 % 0.77 % 15.69 %

1 year 1 months 3 month 1 years 5 Fund Equity

Mint Australasian Australasian Mint

4.0262 $ M $291

price Unit size Fund

FUND SECTOR SINGLE

2020 August 31 of As

2007. December 31 inception: Fund tax. investor before and fees after are Returns performance. Cumulative

Mint Australasian Property Fund Property Australasian Mint

Dec-19 Dec-18 Dec-17 Dec-16 Dec-15 Dec-14 Dec-13 Dec-12 Dec-11 Dec-10 Dec-09 Dec-08 Dec-07

Mgmt. Invest tride S & Property Stride

$6,000

Limited Industry For Property

$9,000

Ltd. Zealand New Properties Precinct

$12,000 Ltd. Group Property Kiwi

Ltd. Property Investore $15,000

Trust Property Goodman

$18,000

Limited Property Argosy

$21,000

Holdings Top $24,000

$27,000

% 1 – REITs Residential

$10,000 invested since inception since invested $10,000

% 1 – Care Health

% 3 – equivalents cash and Cash guidance. and earnings strong with

Hall, Goodman Group and Centuria) continue to be the winners winners the be to continue Centuria) and Group Goodman Hall, % 5 – REITs Specialised

performers during the Pandemic. Fund Managers (e.g. Charter Charter (e.g. Managers Fund Pandemic. the during performers

% 6 – REITs Retail

malls were the weakest weakest the were malls particularly retail, unsurprisingly and

% 11 – REITs Industrial Industrial, Childcare and Storage sectors were relatively resilient, resilient, relatively were sectors Storage and Childcare Industrial,

performance with a return of 7.9% (in AUD). The Office, Office, The AUD). (in 7.9% of return a with performance

% 20 – Companies Operating Estate Real

The Australian listed property sector also had a strong strong a had also sector property listed Australian The

% 53 – REITs Diversified

month. the for 10% over returns

Healthcare (low abatements with healthcare portfolio) post portfolio) healthcare with abatements (low Healthcare ed ed

peers. Both Investore (exposure to supermarkets) and Vital Vital and supermarkets) to (exposure Investore Both peers.

outperformed over the month despite being expensive relative to to relative expensive being despite month the over outperformed

exposures (Goodman Property, Property for Industry and Argosy) Argosy) and Industry for Property Property, (Goodman exposures

Industrial Industrial 61bp. to 14bp by reduced rates bond year 10

were negatively impacted. This was offset by a flight to yield as as yield to flight a by offset was This impacted. negatively were

Stride, Kiwi Property, and Precinct Precinct and Property, Kiwi Stride, - retail to exposure with stocks

retail businesses, and and businesses, retail affected primarily again lockdown short a

ve to to ve mo the and Zealand, New in 19 - Covid of cases community of

emergence emergence - re The 3.1%. of return monthly a with performance

The NZ listed property sector has continued its run of positive positive of run its continued has sector property listed NZ The

Precinct. and Group, Property Kiwi in holdings

ctors to performance were were performance to ctors detra key The Investore. and Argosy

Sector Allocation Sector - Sub

The top contributors were holdings in Goodman Property Trust, Trust, Property Goodman in holdings were contributors top The

month.

% for the the for % 2.88 returned portfolio Our

returns Net

5.69 - % 10.01 % 2.88 % 8.92 %

1 year 1 months 3 month 1 years 5 Fund Property

Mint Australasian Australasian Mint

2.3605 $ M $79

price Unit size Fund

FUND SECTOR SINGLE

2020 August 31 of As

2014. August 31 inception: Fund tax. investor before and fees after are Returns performance. Cumulative

Mint Diversified Income Fund Income Diversified Mint

Aug-20 Aug-19 Aug-18 Aug-17 Aug-16 Aug-15 Aug-14

Limited ector V

$9,000

Ltd. Group rty Prope Kiwi

ETF Bond TIPS iShares $10,000

Bond Corporate Aware ESG iShares

$11,000

Ltd. Issuer nd Bo Gmt

Limited Energy Contact

$12,000

Limited irport A International Auckland

$13,000

Holdings Top

$14,000

inception since invested $10,000

8% – equities Australasian

businesses. We did not exit any of the existing holdings. existing the of any exit not did We businesses.

9% – equivalents cash and Cash

international group of diversified building materials materials building diversified of group international

During the month, we added CRH Plc, an Ireland an Plc, CRH added we month, the During based based - 10% – property Listed

16% – equities International Group. Property

fund were the a2 Milk Company, Precinct Properties and Properties Precinct Company, Milk a2 the were fund Kiwi Kiwi

56% – interest Fixed

The main negative contributors to the performance of the the of performance the to contributors negative main The

August. in 1.5% over

bonds Wellington Airport 2025 and Kiwibank 2024 returned returned 2024 Kiwibank and 2025 Airport Wellington bonds

NIKE) sectors. In addition, within Fixed Income, long Income, Fixed within addition, In sectors. NIKE) dated dated -

Corporation) and Consumer Discretionary (Amazon.c Discretionary Consumer and Corporation) om and and om

stocks within Information Technology (Visa and Microsoft Microsoft and (Visa Technology Information within stocks

The top positive contributors within Global Equities were were Equities Global within contributors positive top The

worked well with several stocks returning over 7% in August. August. in 7% over returning stocks several with well worked

xposure to Global Equities has has Equities Global to xposure e Our Meridian. and Trust

Group, Contact Energy, Mercury Energy, Goodman Property Property Goodman Energy, Mercury Energy, Contact Group,

The top positive contributions were holdings in Charter Hall Hall Charter in holdings were contributions positive top The

(+0.1%). Equities Australasian and (+0.2%) Property Listed

Global Equities (+0.8%), Fixed Income (+0.4%), (+0.4%), Income Fixed (+0.8%), Equities Global - fund the of

Tactical Asset Allocation Asset Tactical

All asset classes had a positive contribution to the total return return total the to contribution positive a had classes asset All

month.

% for the the for % 1.32 returned portfolio Our

returns Net

2.03 % 4.37 % 1.32 % 5.12 %

1 year 1 months 3 month 1 years 5 Fund Income

Mint Diversified Diversified Mint

.0989 $1 M 218 $

price Unit size Fund

FUND DIVERSIFIED

2020 August 31 of As

2018. December 10 inception: Fund tax. investor before and fees after are Returns performance. umulative C

Mint Diversified Growth Fund Growth Diversified Mint

Dec-19 Dec-18

A Class Inc. Visa

$9,000

Inc. Scientific Fisher Thermo

$9,500

Corporation Microsoft

$10,000

ETF Bond TIPS iShares

$10,500

A Class Corporation Comcast

$11,000

Inc. Amazon.com,

$11,500

A Class Plc Accenture

$12,000

Holdings Top

$12,500

$13,000

invested since inception since invested $10,000

Allocation. Asset Strategic term long fund’s to relative

We remain overweight growth assets and underweight bonds bonds underweight and assets growth overweight remain We

4% – equivalents cash and Cash

International. Baxter

5% – property Listed

, we exited one Healthcare stock stock Healthcare one exited we , addition In businesses. -

10% – interest Fixed

diversified building materials materials building diversified of group international

15% – equities Australasian based based - Ireland an Plc, CRH - Materials within name

67% – equities International In the portfolio, we made small changes. We added a new new a added We changes. small made we portfolio, the In

sector. Diageo) and Unilever

Consumer Staples (the a2 Milk Company, Scales Corporation, Corporation, Scales Company, Milk a2 (the Staples Consumer

contributors came from stocks within within stocks from came contributors negative main The

NIKE). and Companies Lowe’s (Amazon.com,

Microsoft Corporation) and Consumer Discretionary Discretionary Consumer and Corporation) Microsoft

Technology (Apple, Advanced Micro Devices, Visa and and Visa Devices, Micro Advanced (Apple, Technology

contributions were holdings in stocks within Information Information within stocks in holdings were contributions

highs during August. The top positive positive top The August. during highs time - all their reaching

the recovery over the month with a number of stocks stocks of number a with month the over recovery the

Growth assets, in particular within Global Equities, continued continued Equities, Global within particular in assets, Growth

(+0.1%). Income Fixed and (+0.1%) Property Listed (+0.1%),

Global Equities (+4.0%), Australasian Equities Equities Australasian (+4.0%), Equities Global - fund the of

Tactical Asset Allocation Asset Tactical

All asset classes had a positive contribution to the total return return total the to contribution positive a had classes asset All

month.

% for the the for % 4.13 returned portfolio Our

returns Net

15.25 % 10.91 % 4.13 % - %

1 year 1 months 3 month 1 years 5 Fund Growth

Mint Diversified Diversified Mint

1.2765 $ M $15

price Unit size Fund

FUND DIVERSIFIED

2020 August 31 of As

available available is Funds Mint the about information Further change. to subject are and issue of time the at judgement our constitute Opinions performance. future for guide a necessarily

entation or any other person. Past performance is not not is performance Past person. other any or entation pres this of recipient the by suffered otherwise) or consequential indirect, direct, (whether damage or loss resulting any

directors, employees and consultants do not accept accept not do consultants and employees directors, n or for for or n presentatio this in omission or error any for otherwise) or negligence of tort in contract, in arising (whether liability any

Mint Asset Management Ltd and its its and Ltd Management Asset Mint excluded. be cannot statute ny a under liability as insofar Except caused. however misstatements r o omissions or errors any for liability or

purport to give investment advice. While the information contained in this document has been prepared all reasonable care, Mi care, reasonable all prepared been has document this in contained information the While advice. investment give to purport Ltd accepts no responsibility responsibility no accepts Ltd Management Asset nt

This document is intended solely for the information of the the of information the for solely intended is document This It is intended to provide information and does not not does and information provide to intended is It Ltd. t Managemen Asset Mint by provided was it whom to person

Year. the of Manager Fund Boutique - 2019 IP Research by Powered

Awarded to Mint Asset Management for Boutique Manager of the Year. Good Returns Returns Good Year. the of Manager Boutique for Management Asset Mint to Awarded

Year, Domestic Equities, New Zealand. New Equities, Domestic Year,

for New Zealand Fund Manager of the the of Manager Fund Zealand New for Fund Equity Australasian Mint the to Awarded

2020 August 31 of As