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Market Overview Funds at a Glance

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Market Overview Funds at a Glance 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 As of 31 August 2020 SINGLE SECTOR FUND Unit price Fund size Mint Australasian $4.0262 $291M Equity Fund 1 month 3 months 1 year 5 years 0.77% 8.24% 14.92% 15.69% Our portfolio returned 0.77% for the Net returns month. Sector Allocation The main positive contributions came from F&P Healthcare, Mercury Energy and Contact Energy. The main negative contributor was the a2 Milk Company. Positive contribution also came from some of the Australian holdings with Xero, Goodman Group and CSL all performing well. Vista Group was the market outperformer for the month following a result that indicated better than expected cash collection from cinema operators during a challenging period. It helped too that cinemas globally began opening in the month. Yield related stocks like Utilities and Property stocks rallied as NZ’s bond curve fell, with some forecasters now expecting a negative OCR next year. A2 Milk fell from high levels on a very strong result, but outlook commentary did not meet some bullish expectations Health Care – 29% with some fear of an increase in capital intensity, as A2 also Utilities – 15% announced a $270m investment into Mataura Valley Milk shortly after its result. Consumer Staples – 15% Communication Services – 11% Industrials – 10% Real Estate – 7% Cash and cash equivalents – 7% Information Technology – 4% Consumer Discretionary – 2% $10,000 invested since inception Materials – 1% $38,000 $34,000 Top Holdings $30,000 a2 Milk Company Ltd. $26,000 Auckland International Airport Limited $22,000 $18,000 Fisher & Paykel Healthcare Corporation $14,000 Mainfreight Limited $10,000 Meridian Energy Limited $6,000 Ryman Healthcare Ltd. Spark New Zealand Limited Feb-12 Feb-16 Feb-07 Feb-08 Feb-09 Feb-10 Feb-11 Feb-13 Feb-14 Feb-15 Feb-17 Feb-18 Feb-19 Feb-20 Mint Australasian Equity Fund Cumulative performance. Returns are after fees and before investor tax. Fund inception: 15 February 2007. As of 31 August 2020 SINGLE SECTOR FUND Unit price Fund size Mint Australasian $2.3605 $79M Property Fund 1 month 3 months 1 year 5 years 2.88% 10.01% -5.69% 8.92% Our portfolio returned 2.88% for the Net returns month. The top contributors were holdings in Goodman Property Trust, Sub-Sector Allocation Argosy and Investore. The key detractors to performance were holdings in Kiwi Property Group, and Precinct. The NZ listed property sector has continued its run of positive performance with a monthly return of 3.1%. The re-emergence of community cases of Covid-19 in New Zealand, and the move to a short lockdown again primarily affected retail businesses, and stocks with exposure to retail - Stride, Kiwi Property, and Precinct were negatively impacted. This was offset by a flight to yield as 10 year bond rates reduced by 14bp to 61bp. Industrial exposures (Goodman Property, Property for Industry and Argosy) outperformed over the month despite being expensive relative to peers. Both Investore (exposure to supermarkets) and Vital Healthcare (low abatements with healthcare portfolio) posted returns over 10% for the month. Diversified REITs – 53% The Australian listed property sector also had a strong Real Estate Operating Companies – 20% performance with a return of 7.9% (in AUD). The Office, Industrial, Childcare and Storage sectors were relatively resilient, Industrial REITs – 11% and unsurprisingly retail, particularly malls were the weakest Retail REITs – 6% performers during the Pandemic. Fund Managers (e.g. Charter Hall, Goodman Group and Centuria) continue to be the winners Specialised REITs – 5% with strong earnings and guidance. Cash and cash equivalents – 3% $10,000 invested since inception Health Care – 1% Residential REITs – 1% $27,000 $24,000 Top Holdings $21,000 Argosy Property Limited $18,000 Goodman Property Trust $15,000 Investore Property Ltd. $12,000 Kiwi Property Group Ltd. Precinct Properties New Zealand Ltd. $9,000 Property For Industry Limited $6,000 Stride Property & Stride Invest Mgmt. Dec-16 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-17 Dec-18 Dec-19 Dec-07 Mint Australasian Property Fund Cumulative performance. Returns are after fees and before investor tax. Fund inception: 31 December 2007. As of 31 August 2020 DIVERSIFIED FUND Unit price Fund size Mint Diversified $1.0989 $218M Income Fund 1 month 3 months 1 year 5 years 1.32% 4.37% 2.03% 5.12% Our portfolio returned 1.32% for the Net returns month. All asset classes had a positive contribution to the total return Tactical Asset Allocation of the fund - Global Equities (+0.8%), Fixed Income (+0.4%), Listed Property (+0.2%) and Australasian Equities (+0.1%). The top positive contributions were holdings in Charter Hall Group, Contact Energy, Mercury Energy, Goodman Property Trust and Meridian. Our exposure to Global Equities has worked well with several stocks returning over 7% in August. The top positive contributors within Global Equities were stocks within Information Technology (Visa and Microsoft Corporation) and Consumer Discretionary (Amazon.com and NIKE) sectors. In addition, within Fixed Income, long-dated bonds Wellington Airport 2025 and Kiwibank 2024 returned over 1.5% in August. The main negative contributors to the performance of the fund were the a2 Milk Company, Precinct Properties and Kiwi Fixed interest – 56% Property Group. International equities – 16% During the month, we added CRH Plc, an Ireland-based Listed property – 10% international group of diversified building materials Cash and cash equivalents – 9% businesses. We did not exit any of the existing holdings. Australasian equities – 8% $10,000 invested since inception $14,000 Top Holdings $13,000 Auckland International Airport Limited $12,000 Contact Energy Limited $11,000 Gmt Bond Issuer Ltd. iShares ESG Aware Corporate Bond $10,000 iShares TIPS Bond ETF Kiwi Property Group Ltd. $9,000 Vector Limited Aug-15 Aug-16 Aug-17 Aug-18 Aug-19 Aug-20 Aug-14 Mint Diversified Income Fund Cumulative performance. Returns are after fees and before investor tax. Fund inception: 31 August 2014. As of 31 August 2020 DIVERSIFIED FUND Unit price Fund size Mint Diversified $1.2765 $15M Growth Fund 1 month 3 months 1 year 5 years 4.13% 10.91% 15.25% -% Our portfolio returned 4.13% for the Net returns month. All asset classes had a positive contribution to the total return Tactical Asset Allocation of the fund - Global Equities (+4.0%), Australasian Equities (+0.1%), Listed Property (+0.1%) and Fixed Income (+0.1%). Growth assets, in particular within Global Equities, continued the recovery over the month with a number of stocks reaching their all-time highs during August. The top positive contributions were holdings in stocks within Information Technology (Apple, Advanced Micro Devices, Visa and Microsoft Corporation) and Consumer Discretionary (Amazon.com, Lowe’s Companies and NIKE). The main negative contributors came from stocks within Consumer Staples (the a2 Milk Company, Scales Corporation, Unilever and Diageo) sector. In the portfolio, we made small changes. We added a new International equities – 67% name within Materials - CRH Plc, an Ireland-based Australasian equities – 15% international group of diversified building materials Fixed interest – 10% businesses.
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