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As of 31 July 2021 Market overview In a month with a lot of noise and very little information, bond yields dropped in For more information on our Funds, July and share markets generally climbed slightly. Gold bounced as, along with please contact: bonds, the metal benefited from safe-haven status as the market see-sawed from fears of inflation to fears that the growth resurgence may not last (fuelled by Delta David Boyle variant scare stories). Head of Sales & Marketing During August, many NZ and Australian companies will report their June year Level 29, SAP Tower results and take the opportunity to update investors with outlook statements. The 151 Queen Street, Auckland US reporting season is already well underway and has been strong in terms of New Zealand reported results. Outlook statements have been a little cautious, and we expect a P 0800 646 833 similar vein to prevail in Australasia this season – earnings growth for the year E [email protected] should generally be strong. However, with central banks slowly removing www.mintasset.co.nz monetary accommodation and businesses facing rising cost pressures FY22, we expect some conservatism in outlook statements. The NZ market fell slightly (on the last day of the month in fact). Real Estate stocks were stronger on some expectation that a few of the NZ REITs could be added to the FTSE / NAREIT global index. Z Energy held a relatively upbeat investor day, and Mainfreight delivered again with very positive comments at their AGM. Kathmandu and NZ travel related stocks suffered from the lockdowns in Australia. The Australian market was up slightly, led by Materials and Industrials with Tech and Energy lagging. Funds at a glance 1 Month 3 Months 1 Year 5 Years Net* -0.75% -0.55% 2.64% 10.93% Mint Australasian Equity Fund Gross** -0.65% -0.26% 3.96% 12.52% Net -0.72% -0.12% 6.78% - Mint New Zealand SRI Equity Fund Gross -0.65% 0.10% 7.84% - Net 2.30% 4.11% 17.06% 8.14% Mint Australasian Property Fund Gross 2.38% 4.36% 18.28% 9.60% Net 0.58% 1.74% 7.02% 4.55% Mint Diversified Income Fund Gross 0.66% 1.98% 8.15% 5.78% Net 1.65% 5.18% 23.55% - Mint Diversified Growth Fund Gross 1.77% 5.53% 25.26% - 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. I nvestment team Head of Portfolio Portfolio Portfolio Portfolio Investment Investments Manager Manager Manager Manager Analyst Anthony Halls Carlie Eve David Fyfe John Middleton Marek Krzeczkowski Henry Morrison-Jones Disclaimer text can go here if need be. As of 31 July 2021 SINGLE SECTOR FUND Unit price Fund size Mint Australasian $4.1009 $287M Equity Fund 1 month 3 months 1 year 5 years -0.75% -0.55% 2.64% 10.93% Our portfolio returned -0.75% for the Net returns month. Sector Allocation The main positive contributions came from Mainfreight (MFT) and F&P Healthcare. The main laggard was Kathmandu. Mainfreight’s stellar run continued as it provided a very strong 17-week trading update at its AGM during at the end of the month. While all divisions and geographies have performed well, NZ and the US lead the charge. The congested supply chains and limited cross-border freight capacity saw its Air & Ocean division profit jump +184%! Kathmandu struggled over the month after its weaker trading update at the end of June. Further lockdowns throughout July in Australia also put pressure on the outdoor retailer. Markets remain volatile as highlighted by A2 Milk during the month – A2Milk had a strong start to July peaking +18.5% on the 8th as positive ecommerce trends continued but finished Health Care – 23% July -3.5% for the month on fears that China could regulate Utilities – 20% infant formula pricing - a 22% round trip in the month. Industrials – 15% Cash and cash equivalents – 9% Information Technology – 7% Materials – 7% Communication Services – 6% Real Estate – 6% $10,000 invested since inception Consumer Discretionary – 4% $42,000 Consumer Staples – 3% $36,000 $30,000 Top Holdings $24,000 Auckland International Airport Limited Contact Energy Limited $18,000 Fisher & Paykel Healthcare Corporation $12,000 Fletcher Building Limited $6,000 Mainfreight Limited Meridian Energy Limited Feb-09 Feb-11 Feb-08 Feb-10 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-07 Spark New Zealand Limited Mint Australasian Equity Fund Cumulative performance. Returns are after fees and before investor tax. Fund inception: 15 February 2007. As of 31 July 2021 SINGLE SECTOR FUND Unit price Fund size Mint New Zealand SRI $1.6137 $84M Equity Fund 1 month 3 months 1 year 5 years -0.72% -0.12% 6.78% -% Our portfolio returned -0.72% for the Net returns month. Sector Allocation Our top performers for the month were Mainfreight, Fisher & Paykel Healthcare and Fletcher Building. Mainfreight’s stellar run continued as it provided a very strong 17-week trading update at its AGM during at the end of the month. While all divisions and geographies have performed well, NZ and the US lead the charge. The congested supply chains and limited cross-border freight capacity saw its Air & Ocean division profit jump +184%! The detractors of the month were Kathmandu, Infratil and Summerset Group. Kathmandu struggled over the month after its weaker trading update at the end of June. Further lockdowns throughout July in Australia also put pressure on the outdoor retailer. Summerset drifted lower over the month, although ironically provided one of its strongest sales updates for occupancy rights indicated a record Q2 with strong demand across the Health Care – 25% country. Utilities – 21% Over the month, we increased our positions in Fletcher Building and Vista Group. We reduced our real estate Industrials – 19% exposures including Goodman Property Trust, Stride Property Communication Services – 9% and Oceania Healthcare. Real Estate – 7% Materials – 6% Information Technology – 5% $10,000 invested since inception Consumer Staples – 3% Consumer Discretionary – 3% $17,000 Cash and cash equivalents – 2% $15,000 Top Holdings $13,000 Auckland International Airport Limited Contact Energy Limited $11,000 Fisher & Paykel Healthcare Corporation Fletcher Building Limited $9,000 Mainfreight Limited Meridian Energy Limited Oct-18 Oct-19 Oct-20 Oct-17 Spark New Zealand Limited Mint NZ SRI Equity Fund Cumulative performance. Returns are after fees and before investor tax. Fund inception: 13 October 2017. As of 31 July 2021 Unit price Fund size SINGLE SECTOR FUND $2.6859 $84M Mint Australasian 1 month 3 months 1 year 5 years Property Fund 2.30% 4.11% 17.06% 8.14% Net returns Our portfolio returned 2.30% for the month. The top contributors were holdings in Goodman Property Sub-Sector Allocation Trust, Stride and Argosy. The key detractors to performance were holdings in Summerset and Mirvac. The NZ listed property sector was up 2.4% over the month. The AU listed property sector had a flat month with a return of 0.3% (in AUD). A change to the criteria for index inclusion for the FTSE EPRA/NAREIT Global Real Estate Index may see Argosy, Vital Healthcare and Stride included in the September rebalance. Inclusion in the index will not be confirmed until 1 September but the three stocks have moved significantly in anticipation. The Australian market appears to be largely looking through the expansive lockdowns across Australia. However, key Diversified REITs – 55% underperformers over the month had an element of retail exposure (e.g. SCG) as tenant relief packages were rolled out. Real Estate Operating Companies – 18% Outperformers included Fund Managers Charter Hall and Goodman Group, as well as Lend Lease, with all held in the Industrial REITs – 10% portfolio. The focus is now on the pending reporting season Specialised REITs – 7% over August, with outlook comments and guidance potentially tempered by the resurgence of Covid cases in Australia. Retail REITs – 3% Residential REITs – 2% Health Care – 2% $10,000 invested since inception Cash and cash equivalents – 2% $30,000 Diversified Real Estate Activities – 1% $26,000 $22,000 Top Holdings $18,000 Argosy Property Limited Goodman Property Trust $14,000 Kiwi Property Group Ltd. $10,000 Precinct Properties New Zealand Ltd. Property For Industry Limited $6,000 Stride Property & Stride Invest Mgmt. Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-07 Vital Healthcare Property Trust Mint Australasian Property Fund Cumulative performance. Returns are after fees and before investor tax. Fund inception: 31 December 2007. As of 31 July 2021 DIVERSIFIED FUND Unit price Fund size Mint Diversified $1.1293 $277M Income Fund 1 month 3 months 1 year 5 years 0.58% 1.74% 7.02% 4.55% Our portfolio returned 0.58% for the Net returns month. Asset class performance was mostly positive, led by a strong Tactical Asset Allocation performance from Global Equities. Fixed Income and Property also made significant positive contributions, while Australasian Equities moved lower over the month. Contributions from Global Equities were led by Health Care and Technology names, with Accenture, Danaher and Thermo Fisher Scientific all returning more than 7% in July. Within property, Goodman Trust was up more than 5%, while the speculation of Stride moving into the FTSE EPRA/NAREIT Global Real Estate index helped it to modest gains.
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