Market Overview Funds at a Glance

As of 30 September 2020

Market overview

Global markets were weak in September; lead down by Oil (-9.5%) and global For more information on our Funds, equities (-2.9%). Positive asset classes were only sovereign bonds (despite the please contact: already low yields) and the US dollar. The poor performance by risk assets reflected fears of a relapse in global economic activity, another Covid wave in David Boyle Europe, stymied fiscal stimulus in the US, and some profit taking in the high-flying Head of Sales & Marketing tech/growth stocks. Level 25, SAP Tower 151 Queen Street, Auckland The NZ equity market finished the month down 1.6%, with the weakness New Zealand dominated by the two largest stocks – F&P Healthcare (profit taking and index changes in Australia) and the a2 Milk Company (insiders selling followed by a profit P 0800 646 833 warning). Without these two stocks, the NZ market would have been up 2.8% - E [email protected] highlighting a sharp rotation from growth stocks to Covid recovery stocks, with www.mintasset.co.nz Auckland Airport (index changes in Australia), Sky City (good result) and Fletcher Building (no obvious reason) amongst the stronger performers. Similarly, the Australian market was down 3.7% (with over half of that fall occurring on the last day of the month). Poor performers in Australia were Oil related stocks (and a2 Milk) and stronger performers were again Covid recovery sectors like Building Materials and Leisure / Entertainment.

The US election and other short term global risks imply continued elevated volatility immediately ahead; however, over the next 12 months equities should outperform bonds with the earnings yield / bond yield ratio well in favour of equities; and we expect further fiscal stimulus and monetary policy to support markets.

Funds at a glance

1 Month 3 Months 1 Year 5 Years

Mint Australasian Equity Fund Net* -2.82% 0.19% 11.04% 15.13% Gross** -2.71% 0.53% 12.55% 16.82% Mint Australasian Property Fund Net 2.43% 11.88% -4.94% 9.84% Gross 2.52% 12.20% -3.89% 11.41% Mint Diversified Income Fund Net 0.10% 3.34% 2.18% 5.03% Gross 0.19% 3.63% 3.33% 6.32% Mint Diversified Growth Fund Net -0.88% 7.72% 14.64% -% Gross -0.78% 8.07% 16.04% -% 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

000 invested since inception since invested 000 $10,

% 4 – Discretionary Consumer

% 4 – Technology Information

% 5 – equivalents cash and Cash

% 8 – Estate Real

% 10 – Industrials

Group. Mirvac and Resources Regis % 10 – Services Communication

also increased our holdings in Sky City, Summerset Group, Group, Summerset City, Sky in holdings our increased also

% 12 – Staples Consumer

back the stock we had sold in August. During the month, we we month, the During August. in sold had we stock the back

% 15 – Utilities

enough. With their weakness late in September we bought bought we September in late weakness their With enough.

% 29 – Care Health ast nor far far nor ast f not hindsight, in but August in late holdings

and F&P F&P and Company Milk a2 our reduced had We Healthcare Healthcare

by a profit warning two days before the end of the month. the of end the before days two warning profit a by

September, firstly by management disclosing selling, followed followed selling, disclosing management by firstly September,

statement at their result in August was undone through through undone was August in result their at statement

most of the damage though as a generally positive outl positive generally a as though damage the of most did ook ook

Milk 2 a The day. that off - sell broad a ed experienc Company Company

the last day of the month as the Australian market market Australian the as month the of day last the

from our Australian holdings fell away to negligible levels on on levels negligible to away fell holdings Australian our from

ting month as positive contributions contributions positive as month ting disappoin very a was This

9.5%). - ( Healthcare F&P and 17.5%) - ( Company

Milk a2 the were contributors negative main The (+6.4%).

(+9.9%), Ryman Healthcare (+4.8%) and Contact Energy Energy Contact and (+4.8%) Healthcare Ryman (+9.9%),

The main positive contributions came from Auckland Airport Airport Auckland from came contributions positive main The

Sector Allocation Sector

month.

for the the for % 2.82 - returned portfolio Our

returns Net

11.04 % 0.19 % 2.82 - % 15.13 %

1 year 1 months 3 month 1 years 5 Fund Equity

Mint Australasian Australasian Mint

3.9127 $ M $290

price Unit size Fund

FUND SECTOR SINGLE

2020 September 30 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 – Activities Estate Real Diversified

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

% 2 – Care Health

% 4 – equivalents cash and Cash

% 5 – REITs Specialised

% 5 – REITs Retail

sheet.

% 9 – REITs Industrial

has continued to sell assets to relieve pressure on its balance balance its on pressure relieve to assets sell to continued has

% 18 – Companies Operating Estate Real will eventually be transferred to a separate office fund. Argosy Argosy fund. office separate a to transferred be eventually will

portfolio, which portfolio, office the to add will acquisition the – $68m for

% 53 – REITs Diversified

treet in Auckland Auckland in treet S Shortland on building office an acquired Stride

yard space) next to its Savill Link industrial estate for $70m. $70m. for estate industrial Link Savill its to next space) yard

month. Goodman Property acquired land (currently leased as as leased (currently land acquired Property Goodman month.

A number of listed NZ Property entities were active over the the over active were entities Property NZ listed of number A

n Centuria Capital. Capital. Centuria n i holding our reduced and Mirvac, and

fund the Albany development, increased exposure to Charter Hall Hall Charter to exposure increased development, Albany the fund

we participated in the Asset Plus capital raise to to raise capital Plus Asset the in participated we month, the Over

AUD). (in

1.5% 1.5% - of return a with month weak a had sector property listed

the Australian Australian the August, strong a After 2.6%. of return monthly

The NZ listed property sector had another positive month with a a with month positive another had sector property listed NZ The

Ingenia. and Storage National Lendlease, in holdings

and Centuria Capital. The key detractors to performance were were performance to detractors key The Capital. Centuria and

Sector Allocation Sector - Sub

n Stride Property, Precinct Precinct Property, Stride n i holdings were contributors top The

month.

% for the the for % 2.43 returned portfolio Our

returns Net

4.94 - % 11.88 % 2.43 % 9.84 %

1 year 1 months 3 month 1 years 5 Fund Property

Mint Australasian Australasian Mint

2.4178 $ M $82

price Unit size Fund

FUND SECTOR SINGLE

2020 September 30 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

7% – equities Australasian

10% – property Listed

Mercury. and

nior bonds from Summerset Group Group Summerset from bonds nior se issued two added We 12% – equivalents cash and Cash

During the month, we did not exit any of the existing holdings. holdings. existing the of any exit not did we month, the During

13% – equities International

delaying new orders), Amazon.com and Mainfreight Limited. Mainfreight and Amazon.com orders), new delaying

58% – interest Fixed

u (C2C/B2C) trade with some unwind of pantry stocking stocking pantry of unwind some with trade (C2C/B2C) u Diago

downgrade driven largely by weakness and disruption in the the in disruption and weakness by largely driven downgrade

fund were the a2 Milk Company (following an earnings earnings an (following Company Milk a2 the were fund

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

5%. over returned

Q1 results, Danaher Corporation and Thermo Fisher Scientific Scientific Fisher Thermo and Corporation Danaher results, Q1

NIKE was up 15% following very strong strong very following 15% up was NIKE - month strong a had

Property Group). Also, several holdings within Global Equities Equities Global within holdings several Also, Group). Property

tride Property, Precinct Properties and Kiwi Kiwi and Properties Precinct Property, tride (S Property Listed

The top positive contributions were stocks in New Zealand Zealand New in stocks were contributions positive top The

0.2%). - ( Equities Australasian

0.1%) and and 0.1%) - ( Equities Global from contributions negative the

(+0.3%) and Fixed Income (+0.2%). This was largely offset by by offset largely was This (+0.2%). Income Fixed and (+0.3%)

Tactical Asset Allocation Asset Tactical

came from Listed Property Property Listed from came contributions positive largest The

month.

% for the the for % 0.10 returned portfolio Our

returns Net

2.18 % 3.34 % 0.10 % 5.03 %

1 year 1 months 3 month 1 years 5 Fund Income

Mint Diversified Diversified Mint

.1000 $1 M 222 $

price Unit size Fund

FUND DIVERSIFIED

2020 September 30 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

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

Infratil. and

5% – property Listed

During the month, we added Kathmandu. We exited WPP Plc Plc WPP exited We Kathmandu. added we month, the During

10% – interest Fixed

and Microsoft Corporation fell over 4% in September. in 4% over fell Corporation Microsoft and

11% – equivalents cash and Cash

rter. Apple, Advanced Micro Devices Devices Micro Advanced Apple, rter. qua previous the in rally

14% – equities Australasian Information Technology sector that sold off following a strong strong a following off sold that sector Technology Information

delaying new orders). In addition, global stocks within the the within stocks global addition, In orders). new delaying 61% – equities International

Diagou (C2C/B2C) trade with some unwind of pantry stocking stocking pantry of unwind some with trade (C2C/B2C) Diagou

driven largely by weakness and disruption in the the in disruption and weakness by largely driven downgrade

fund were the a2 Milk Company (following an earnings earnings an (following Company Milk a2 the were fund

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

results. Q1

continues to expand. NIKE was up 15% following very strong strong very following 15% up was NIKE expand. to continues

raise capital to fund its future growth ambitions as it it as ambitions growth future its fund to capital raise

en Serko Serko en se have since we Additionally, month. the during

Corporate Travel software platform Serko entered the NZX50 NZX50 the entered Serko platform software Travel Corporate

The top positive contributions were Serko and NIKE. NIKE. and Serko were contributions positive top The

performance. the to detractor

0.8%) were the largest largest the were 0.8%) - ( Equities Global whilst ) % (+0.13

Tactical Asset Allocation Asset Tactical

d Property Property d Liste from came contributions positive largest The

month.

% for the the for % 0.88 - returned portfolio Our

returns Net

14.64 % 7.72 % 0.88 - % - %

1 year 1 months 3 month 1 years 5 Fund Growth

Mint Diversified Diversified Mint

1.2653 $ M $16

price Unit size Fund

FUND DIVERSIFIED

2020 September 30 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,

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

2020 September 30 of As