Market Overview Funds at a Glance

As of 31 October 2020

Market overview

Global markets were a little weak in October; with developed markets down 3.0%, For more information on our Funds, partially offset by emerging markets up 1.5%. In contrast, New Zealand (+2.9%) please contact: and Australia (+1.9%) were positive. Sovereign bond yields rose and commodities fell. The relatively poor performance by risk assets reflected heightened David Boyle uncertainty around the US election (in particular in the final week of the month, Head of Sales & Marketing ahead of the November 3 election) and the rising Covid wave offshore. Level 25, SAP Tower 151 Queen Street, Auckland In NZ, REITs and retirement village stocks generally out-performed, along with New Zealand Utilities like Contact Energy and Meridian Energy. Economic activity has been stronger than feared a couple of short months ago, with the property market in P 0800 646 833 particular driving the retirement village stocks higher. Mainfreight too was a strong E [email protected] performer after a positive update after their September quarter. In Australia, www.mintasset.co.nz Commonwealth budget optimism drove an early month rally which dissipated late in the month as global markets were hit by US election jitters. IT and Financials outperformed while Industrials and Utilities under-performed.

Market volatility is fairly high in terms of day-to-day market swings. So far, most economies have done better than the dire predictions from earlier in the year. Offsetting this, Covid continues to run rampant around the world with European nations in particular re-imposing restrictions in recent days. In between has been the noise of the US election which appears to be heading to a narrow victory to the Democrat candidate Joe Biden.

Funds at a glance

1 Month 3 Months 1 Year 5 Years Mint Australasian Equity Fund Net* 2.31% 0.19% 14.30% 14.22% Gross** 2.42% 0.53% 15.85% 15.89% Mint Australasian Property Fund Net 5.58% 11.25% 2.65% 10.00% Gross 5.66% 11.56% 3.77% 11.56% Mint Diversified Income Fund Net 0.58% 2.01% 3.23% 4.82% Gross 0.67% 2.29% 4.40% 6.10% Mint Diversified Growth Fund Net -1.37% 1.80% 13.12% - Gross -1.26% 2.14% 14.48% - 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 – Energy

since inception since invested 000 $10,

% 4 – Technology Information

% 4 – Discretionary Consumer

% 8 – Estate Real

% 9 – equivalents cash and Cash

% 10 – Services Communication

% 11 – Industrials

% 11 – Staples Consumer

strength, and increased Summerset Group and Mirvac Group. Mirvac and Group Summerset increased and strength,

% 15 – Utilities

We reduced CSL Limited and Lendlease Group into share price price share into Group Lendlease and Limited CSL reduced We

% 26 – Care Health portfolio and took profit on Ramsay Healthcare and Healthcare Ramsay on profit took and portfolio Xero Ltd. Ltd. Xero

During the month, we added Precinct Properties to the the to Properties Precinct added we month, the During

improvement”.

branches going well and regional branches showing significant significant showing branches regional and well going branches

recent success appears concentrated in Australia with “big “big with Australia in concentrated appears success recent

nd profit. MFT’s MFT’s profit. nd a revenue in gains significant describing

green yield. MFT issued a trading update during October October during update trading a issued MFT yield. green

sector) continued to benefit from offshore investors chasing chasing investors offshore from benefit to continued sector)

extended higher earnings profile. MEL (and the rest of the the of rest the (and MEL profile. earnings higher extended

the ongoing Covid pandemic implies an an implies pandemic Covid ongoing the as ground gained FPH

4.5%). - (SPK Spark and 4.6%) - (ATM Company

(MEL +7.1%). The main negative contributors were the a2 Milk Milk a2 the were contributors negative main The +7.1%). (MEL

(FPH +5.2%), Mainfreight (MFT +17.2%) and Meridian Energy Energy Meridian and +17.2%) (MFT Mainfreight +5.2%), (FPH

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 % 2.31 returned portfolio Our

returns Net

14.30 % 0.19 % 2.31 % 14.22 %

1 year 1 months 3 month 1 years 5 Fund Equity

Mint Australasian Australasian Mint

4.0030 $ M $304

price Unit size Fund

FUND SECTOR SINGLE

2020 October 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

Trust Property Healthcare Vital

$6,000

Mgmt. Invest tride S & Property Stride

$9,000

Limited Industry For Property

$12,000 Ltd. Zealand New Properties Precinct

Ltd. Group Property Kiwi $15,000

Trust Property Goodman

$18,000

Limited Property Argosy

$21,000

Holdings Top $24,000

$27,000

% 1 – REITs Residential

inception since invested $10,000

% 2 – Care Health

% 2 – equivalents cash and Cash

% 4 – REITs Retail

valuations were dampened by ongoing seismic costs. seismic ongoing by dampened were valuations

% 6 – REITs Specialised

by lower property capitalisation rates, while the Kiwi Property Property Kiwi the while rates, capitalisation property lower by

% 11 – REITs Industrial

flat. The Goodman and Investore revaluations were supported supported were revaluations Investore and Goodman The flat.

% 18 – Companies Operating Estate Real increase of 4.5%, Investore 9.4%, and Kiwi Property Group was was Group Property Kiwi and 9.4%, Investore 4.5%, of increase

updated portfolio valuations. Goodman Property Property Goodman valuations. portfolio updated reported an an reported

% 57 – REITs Diversified

released released - pre Group Property Kiwi and Investore Property,

Ahead of the November reporting of interim results, Goodman Goodman results, interim of reporting November the of Ahead

Investore. and Group Property Kiwi

e to Stride and Summerset, and reduced our holding in in holding our reduced and Summerset, and Stride to e exposur

capital raise to fund an acquisition and developments, increased increased developments, and acquisition an fund to raise capital

we participated in the $150m Vital Healthcare Healthcare Vital $150m the in participated we month, the Over

AUD). (in

0.4% 0.4% - of return a with month weak another had sector property

e with a return of 5.9%. The Australian listed listed Australian The 5.9%. of return a with e performanc

The NZ listed property sector had a very strong month of of month strong very a had sector property listed NZ The

Healthcare. Vital and Industrial,

detractors to performance were holdings in Mirvac, Centuria Centuria Mirvac, in holdings were performance to detractors

Goodman Property Trust and Precinct Properties. The key key The Properties. Precinct and Trust Property Goodman

Sector Allocation Sector - Sub

were holdings in Kiwi Property Group, Group, Property Kiwi in holdings were contributors top The

month.

% for the the for % 5.58 returned portfolio Our

returns Net

2.65 % 11.25 % 5.58 % 10.00 %

1 year 1 months 3 month 1 years 5 Fund Property

Mint Australasian Australasian Mint

2.5526 $ M $82

price t Uni size Fund

FUND SECTOR SINGLE

2020 October 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

Limited Kiwibank

Ltd. Group rty Prope Kiwi $10,000

ETF Bond TIPS 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

bonds. senior Finance Lendlease and Healthcare Oceania

portfolio. However, we added small positions in new issued issued new in positions small added we However, portfolio.

10% – property Listed

During the month, we did not add any new stocks to the the to stocks new any add not did we month, the During

12% – equities International

result. a as sharply dropped

13% – equivalents cash and Cash

missed consensus revenue expectations and the share price price share the and expectations revenue consensus missed

14% – equities Australasian in October came from our holding in SAP SE. The company company The SE. SAP in holding our from came October in

The most significant negative contribution to the performance performance the to contribution negative significant most The

51% – interest Fixed

return. positive strong a had Corporation

Fisher Scientific, Waters Corporation and Danaher Danaher and Corporation Waters Scientific, Fisher

on was the US Health Care sector where Thermo Thermo where sector Care Health US the was on excepti one

Equities having a negative contribution to the performance, performance, the to contribution negative a having Equities

Meridian Energy, Mercury) and Mainfreight. Despite Global Global Despite Mainfreight. and Mercury) Energy, Meridian

Goodman Property, Stride Property), Utilities (Contact Energy, Energy, (Contact Utilities Property), Stride Property, Goodman

fund were holdings in Listed Property (Kiwi Property Group, Group, Property (Kiwi Property Listed in holdings were fund

the the of performance the to contributions positive main The

October. of week last the

off in in off - sell to stocks global caused This election. US pending the

0.3%) was negative due to the uncertainty of of uncertainty the to due negative was 0.3%) - ( Equities Global

Income (+0.1%). However, the contribution from from contribution the However, (+0.1%). Income Fixed and

return: Listed Property (+0.6%), Australasian Equities (+0.3%) (+0.3%) Equities Australasian (+0.6%), Property Listed return:

Tactical Asset Allocation Asset Tactical

Most asset classes had a positive contribution to the total total the to contribution positive a had classes asset Most

month.

% for the the for % 0.58 returned portfolio Our

returns Net

3.23 % 2.01 % 0.58 % 4.82 %

1 year 1 months 3 month 1 years 5 Fund Income

Mint Diversified Diversified Mint

.0985 $1 M 232 $

price Unit size Fund

FUND DIVERSIFIED

2020 October 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

Corporation Danaher

$11,000

A Class Corporation Comcast

$11,500

Inc. Amazon.com,

$12,000

Holdings Top

$12,500

$13,000

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

Palmolive.

- Colgate sold and Diagnostics Quest and Plc Aon Holdings,

we added a small exposure to Booking Booking to exposure small a added we month, the During

5% – property Listed

down 9% after missing revenue expectations) did not help. help. not did expectations) revenue missing after 9% down

8% – interest Fixed

hold in the portfolio, was was portfolio, the in hold not do we that MasterCard, (where

10% – equivalents cash and Cash

however, the negative sentiment in the sector sector the in sentiment negative the however, expectations;

18% – equities Australasian Visa reported strong revenue that was ahead of market market of ahead was that revenue strong reported Visa

Corporation. SAP SE missed consensus revenue expectations. expectations. revenue consensus missed SE SAP Corporation. 59% – equities International

Inc. Visa SE, SAP sector: Technology on Informati and Intel Intel and

The main negative contributors came from stocks in the the in stocks from came contributors negative main The

Corporation, Danaher Corporation all returning over 6%. over returning all Corporation Danaher Corporation,

strong performance with Thermo Fisher Scientific, Waters Waters Scientific, Fisher Thermo with performance strong

Data Processing. Also, several US Health Care stocks had a a had stocks Care Health US several Also, Processing. Data

mited and Automatic Automatic and mited Li Mainfreight Schwab, Charles were fund

The highest positive contributions to the performance of the the of performance the to contributions positive highest The

month. the of week last

off in the the in off - sell to stocks global caused that election US pending

negative contribution, mostly due to the uncertainty of the the of uncertainty the to due mostly contribution, negative

had a a had 1.8%) - ( Equities Global contrast, In (+0.3%). Equities

fund came from Listed Property (+0.3%) and Australasian Australasian and (+0.3%) Property Listed from came fund

Tactical Asset Allocation Asset Tactical

The two largest positive contributions to the total return of the the of return total the to contributions positive largest two The

month.

% for the the for % 1.37 - returned portfolio Our

returns Net

13.12 % 1.80 % 1.37 - % - %

1 year 1 months 3 month 1 years 5 Fund Growth

Mint Diversified Diversified Mint

1.2480 $ M $16

price Unit size Fund

FUND DIVERSIFIED

2020 October 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 arily necess

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

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

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 r o 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 nt Asset Management Ltd accepts no responsibility responsibility no accepts Ltd Management Asset nt

This document is intended solely for the information of the person to whom it was provided by Mint Asset Managemen Asset Mint by provided was it whom to person 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

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,

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

2020 October 31 of As