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.
2007. February 15 inception: Fund tax. investor before and fees after are Returns performance. Cumulative
Mint Australasian Equity Fund Equity Australasian Mint
Limited Zealand New Spark
Feb-21 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
Meridian Energy Limited Energy Meridian
$6,000 Limited Mainfreight
Limited Building Fletcher
$12,000
Corporation Healthcare l Payke & Fisher
$18,000
Limited Energy Contact
Limited Airport International Auckland $24,000
$30,000 Holdings Top
$36,000
% 3 – Staples Consumer
$42,000
% 4 – Discretionary Consumer
inception since nvested i 000 $10,
% 6 – Estate Real
% 6 – Services Communication
% 7 – Materials
% 7 – Technology Information
% 9 – equivalents cash and Cash
% 15 – Industrials
a 22% round trip in the month. the in trip round 22% a - pricing formula infant
% 20 – Utilities
h on fears that China could regulate regulate could China that fears on h mont the for 3.5% - July
% 23 – Care Health the 8th as positive ecommerce trends continued but finished finished but continued trends ecommerce positive as 8th the
A2Milk had a strong start to July peaking +18.5% on on +18.5% peaking July to start strong a had A2Milk – month
Markets remain volatile as highlighted by A2 Milk during the the during Milk A2 by highlighted as volatile remain Markets
retailer. outdoor the on pressure
stralia also put put also stralia Au in July throughout lockdowns Further
the month after its weaker trading update at the end of June. June. of end the at update trading weaker its after month the
Ocean division profit jump +184%! Kathmandu struggled over over struggled Kathmandu +184%! jump profit division Ocean
border freight capacity saw its Air & & Air its saw capacity freight border - cross limited and chains
he charge. The congested supply supply congested The charge. he t lead US the and NZ well,
month. While all divisions and geographies have performed performed have geographies and divisions all While month.
week trading update at its AGM during at the end of the the of end the at during AGM its at update trading week - 17
Mainfreight’s stellar run continued as it provided a very strong strong very a provided it as continued run stellar Mainfreight’s
Kathmandu. was laggard main The Healthcare. F&P and
The main positive contributions came from Mainfreight (MFT) (MFT) Mainfreight from came contributions positive main The
Allocation Sector
month.
for the the for 0.75% - returned portfolio Our
returns Net
2.64 % 0.55 - % 0.75 - % 10.93 %
months 3 month 1 years 5 year 1 Fund Equity
Mint Australasian Australasian Mint
$4.1009 M $287
price Unit size Fund
FUND SECTOR SINGLE
2021 July 31 of As
7. 201 October 13 inception: Fund tax. investor before and fees after are Returns performance. Cumulative
Mint NZ SRI Equity Fund Equity SRI NZ Mint
Spark New Zealand Limited Zealand New Spark
Oct-20 Oct-19 Oct-18 Oct-17
Limited Energy Meridian
$9,000
Limited Mainfreight
Limited Building Fletcher
$11,000 Corporation Healthcare l Payke & Fisher
Limited Energy Contact
$13,000 Limited Airport International Auckland
Holdings Top
$15,000
2% – equivalents cash and Cash
$17,000
3% – Discretionary Consumer
inception since invested $10,000
3% – Staples Consumer
5% – Technology Information
6% – Materials
7% – Estate Real
Healthcare. Oceania and
9% – Services Communication exposures including Goodman Property Trust, Stride Property Property Stride Trust, Property Goodman including exposures
Building and Vista Group. We reduced our real estate estate real our reduced We Group. Vista and Building
19% – Industrials
ver the month, we increased our positions in Fletcher Fletcher in positions our increased we month, the ver O
21% – Utilities
country.
25% – Care Health
rights indicated a record Q2 with strong demand across the the across demand strong with Q2 record a indicated rights
for occupancy occupancy for updates sales strongest its of one provided
Summerset drifted lower over the month, although ironically ironically although month, the over lower drifted Summerset
Australia also put pressure on the outdoor retailer. retailer. outdoor the on pressure put also Australia
out July in in July out through lockdowns Further June. of end the
struggled over the month after its weaker trading update at at update trading weaker its after month the over struggled
Kathmandu, Infratil and Summerset Group. Kathmandu Kathmandu Group. Summerset and Infratil Kathmandu,
profit jump +184%! The detractors of the month were were month the of detractors The +184%! jump profit
rder freight capacity saw its Air & Ocean division division Ocean & Air its saw capacity freight rder bo - cross
lead the charge. The congested supply chains and limited limited and chains supply congested The charge. the lead
divisions and geographies have performed well, NZ and the US US the and NZ well, performed have geographies and divisions
update at its AGM during at the end of the month. While all all While month. the of end the at during AGM its at update
week trading trading week - 17 strong very a provided it as continued run
s stellar stellar s Mainfreight’ Building. Fletcher and Healthcare Paykel
Our top performers for the month were Mainfreight, Fisher & & Fisher Mainfreight, were month the for performers top Our
Sector Allocation Sector
month.
for the the for 0.72% - returned portfolio Our
returns Net
% 0.12 - % 0.72 - % - % 6.78
months 3 month 1 years 5 year 1 Fund Equity
New Zealand SRI SRI Zealand New Mint
$1.6137 M $84
price Unit size Fund
FUND SECTOR SINGLE
2021 July 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
Vital Healthcare Property Trust Property Healthcare Vital Dec-20 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
Ltd. Zealand New Properties Precinct $10,000
Ltd. Group Property Kiwi
$14,000
Trust Property Goodman
$18,000 Limited Property Argosy
$22,000 Holdings Top
$26,000
$30,000
1% – Activities Estate Real Diversified
$10,000 invested since inception since invested $10,000
2% – equivalents cash and Cash
2% – Care Health
2% – REITs Residential
tempered by the resurgence of Covid cases in Australia. in cases Covid of resurgence the by tempered
3% – REITs Retail
over August, with outlook comments and guidance potentially potentially guidance and comments outlook with August, over
7% – REITs Specialised reporting season season reporting pending the on now is focus The portfolio.
Goodman Group, as well as Lend Lease, with all held in the the in held all with Lease, Lend as well as Group, Goodman
10% – REITs Industrial
Outperformers included Fund Managers Charter Hall and and Hall Charter Managers Fund included Outperformers
18% – Companies Operating Estate Real exposure (e.g. SCG) as tenant relief packages were rolled out. out. rolled were packages relief tenant as SCG) (e.g. exposure
the month had an element of retail retail of element an had month the over underperformers
55% – REITs Diversified
However, Australia. across lockdowns expansive the key key
The Australian market appears to be largely looking through through looking largely be to appears market Australian The
but the three stocks have moved significantly in anticipation. anticipation. in significantly moved have stocks three the but
on in the index will not be confirmed until 1 September September 1 until confirmed be not will index the in on Inclusi
Healthcare and Stride included in the September rebalance. rebalance. September the in included Stride and Healthcare
EPRA/NAREIT Global Real Estate Index may see Argosy, Vital Vital Argosy, see may Index Estate Real Global EPRA/NAREIT
A change to the criteria for index inclusion for the FTSE FTSE the for inclusion index for criteria the to change A
AUD). (in 0.3% of
isted property sector had a flat month with a return return a with month flat a had sector property isted l AU The
The NZ listed property sector was up 2.4% over the month. month. the over 2.4% up was sector property listed NZ The
Mirvac. and Summerset in holdings were
Trust, Stride and Argosy. The key detractors to performance performance to detractors key The Argosy. and Stride Trust,
Sector Allocation Sector - Sub
The top contributors were holdings in Goodman Property Property Goodman in holdings were contributors top The
month.
% for the the for % 2.30 returned portfolio Our
returns Net
Fund Property
17.06 % 11 4. % 2.30 % 8.14 %
Mint Australasian Australasian Mint 1 year 1 months 3 month 1 years 5
2.6859 $ M $84 FUND SECTOR SINGLE
price Unit size Fund
2021 July 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
Mgmt. Invest tride S & Property Stride
$9,000
Ltd. Group Property Kiwi
$10,000
ETF Bond TIPS iShares
Trust Property Goodman
$11,000
Limited Energy Contact
$12,000
Limited irport A International Auckland
$13,000 Holdings Top
$14,000
$15,000
inception since invested $10,000
7% – equities Australasian
12% – equities International
Southern.
Group Green Bond and exited our position in Kansas City City Kansas in position our exited and Bond Green Group 13% – property Listed
During the month, we participated in the 2028 Kiwi Prop Kiwi 2028 the in participated we month, the During erty erty
14% – equivalents cash and Cash
PayPal and Charles Schwab were small negative contributors. negative small were Schwab Charles and PayPal
54% – interest Fixed
Summerset, Contact and Meridian. Within Global Equities, Equities, Global Within Meridian. and Contact Summerset,
The main domestic detractors for the month included included month the for detractors domestic main The
ong trading update at its AGM. AGM. its at update trading ong str a to thanks Equities
Mainfreight was the main outperformer for Australasian Australasian for outperformer main the was Mainfreight
Global Real Estate index helped it to modest gains. gains. modest to it helped index Estate Real Global
speculation of Stride moving into the FTSE EPRA/NAREIT EPRA/NAREIT FTSE the into moving Stride of speculation
property, Goodman Trust was up more than 5%, while the the while 5%, than more up was Trust Goodman property,
n July. Within Within July. n i 7% than more returning all Scientific Fisher
and Technology names, with Accenture, Danaher and Thermo Thermo and Danaher Accenture, with names, Technology and
Contributions from Global Equities were led by Health Care Care Health by led were Equities Global from Contributions
month. the over lower moved Equities Australasian
e significant positive contributions, while while contributions, positive significant e mad also
performance from Global Equities. Fixed Income and Property Property and Income Fixed Equities. Global from performance
Tactical Asset Allocation Asset Tactical
Asset class performance was mostly positive, led by a strong strong a by led positive, mostly was performance class Asset
month.
% for the the for % 0.58 returned portfolio Our
returns Net
7.02 % 1.74 % 0.58 % 4.55 %
1 year 1 months 3 month 1 years 5 Fund Income
Diversified Diversified Mint
1293 . $1 M 277 $
price Unit size Fund
FUND DIVERSIFIED
2021 July 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
A Class Inc. Visa
Dec-20 Dec-19 Dec-18
Inc. Scientific Fisher Thermo
Corporation Microsoft $9,000
A Class Inc. Companies Lauder Estee
$10,000
Corporation Danaher
$11,000
A Class Corporation Comcast
$12,000
Inc. Amazon.com,
$13,000
Holdings Top
$14,000
$15,000
$16,000
$10,000 invested since inception since invested $10,000
names. new no added and Southern
5% – property Listed
ons in Oracle and Kansas City City Kansas and Oracle in ons positi exited we month, the During
6% – interest Fixed
as Covid cases and subsequent lockdowns surged in Australia. in surged lockdowns subsequent and cases Covid as
8% – equivalents cash and Cash
Blizzard and PayPal. Kathmandu also underperformed over July July over underperformed also Kathmandu PayPal. and Blizzard
15% – equities Australasian The main detractors for the month included Mirvac, Activision Activision Mirvac, included month the for detractors main The
67% – equities International
AGM.
o a solid trading update at its its at update trading solid a o t thanks Equities Australasian
than 5%. Mainfreight was the main outperformer for for outperformer main the was Mainfreight 5%. than
property, Goodman Trust had a strong month and was up more more up was and month strong a had Trust Goodman property,
Thermo Fisher both seeing decent gains in July. Within Within July. in gains decent seeing both Fisher Thermo
Healthcare names also performed well, with Danaher and and Danaher with well, performed also names Healthcare
conductor supply constraints better than than better constraints supply conductor - semi navigate most. most.
thanks to a positive set of results, which proved that it could could it that proved which results, of set positive a to thanks
Within Global Equities, AMD had a particularly good month month good particularly a had AMD Equities, Global Within
month. the over lower moved
ositive contributions, while Australasian Equities Equities Australasian while contributions, ositive p significant
market uncertainties. Fixed Income and Property also made made also Property and Income Fixed uncertainties. market
Equities as strong earnings reports in the US helped ease ease helped US the in reports earnings strong as Equities
Tactical Asset Allocation Asset Tactical
Asset class performance was mostly positive, led by Global Global by led positive, mostly was performance class Asset
month.
% for the the for % 1.65 returned portfolio Our
returns Net
23.55 % 5.18 % 1.65 % - %
1 year 1 months 3 month 1 years 5 Fund Growth
Mint Diversified Diversified Mint
1.5146 $ M $47
price Unit size Fund
FUND DIVERSIFIED
2021 July 31 of As
register.companiesoffice.govt.n - https://disclose at register offer the on z
unds is available available is unds F 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
) suffered by the recipient of this presentation or any other person. Past performance is not not is performance Past person. other any or presentation this of recipient the by suffered ) otherwise or consequential indirect, direct, (whether damage or loss resulting any
employees and consultants do not accept any liability (whether arising in contract, in tort of negligence or otherwise) for a for otherwise) or negligence of tort in contract, in arising (whether liability any accept not do consultants and employees directors, ny error or omission in this presentation or for for or presentation this in omission or error ny
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
sonable care, Mint Asset Management Ltd accepts no responsibility responsibility no accepts Ltd Management Asset Mint care, sonable rea all prepared been has document this in contained information the While advice. investment give to purport
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
All rights r rights All © 2020 Returns Good eserved
Year. the of Manager Fund ique Bout - 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
eserved r rights All Inc. Morningstar, ©. 2019 Awards Morningstar
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
Awards. Money Mindful 2021
at the the at Fund, Equity SRI Zealand New Mint the , Fund Ethical New Best for Nominated
2021 July 31 of As