Market Overview Funds at a Glance

As of 31 July 2020

Market overview

Global markets were mixed in July, with the US S&P500 (+5.6%) and the MSCI For more information on our Funds, World index (+4.8%) finishing positive. The UK (-4.2%) and Japan (-2.6%) were please contact: lower, while Australia was marginally up (+0.5%) and NZ was up (+2.4%). Global bonds were strong (yields lower), and NZ bonds followed suit to lesser degree; David Boyle while Gold was very strong in July. Head of Sales & Marketing Level 25, SAP Tower The main underperformer in the month was the US dollar. With global central 151 Queen Street, Auckland banks (especially the US Federal Reserve) firmly committed to doing whatever it New Zealand takes and the pandemic getting worse rather than better, real interest rates fell (along with nominal bond yields). As a result, reflation assets like gold, P 0800 646 833 commodities and some equities stood up, as did corporate bonds. The out- E [email protected] performance of US equities (vs the world) was primarily due to that market’s heavy www.mintasset.co.nz weighting toward a few tech / growth stocks. Markets without those kind of stocks didn’t keep up.

Australia was generally positive through the month (helped by its big weight to Resources stocks), but fell back in the last few days as the outbreak in Victoria worsened. Here in New Zealand, the market was generally strong with the renewed offer for Metlifecare sparking the retirement village sector, and the gentailers staying fairly resilient in the face of the announcement buy Rio Tinto that they may close the Tiwai smelter in August 2021.

Funds at a glance

1 Month 3 Months 1 Year 5 Years

Mint Australasian Equity Fund Net* 2.30% 10.73% 12.99% 14.58% Gross** 2.42% 11.10% 14.55% 16.27% Mint Australasian Property Fund Net 6.17% 10.61% -5.23% 7.69% Gross 6.27% 10.90% -4.18% 9.26% Mint Diversified Income Fund Net 1.90% 4.81% 2.00% 4.75% Gross 1.98% 5.10% 3.15% 6.05% Mint Diversified Growth Fund Net 4.37% 11.99% 12.05% -% Gross 4.48% 12.36% 13.47% -% 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 lthcare Hea 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,

% 2 – Discretionary Consumer

% 3 – Technology Information

% 7 – Estate Real

% 8 – equivalents cash and Cash

% 10 – Industrials

% 10 – Services Communication

We reduced Lendlease, Chorus and Mercury Energy. Energy. Mercury and Chorus Lendlease, reduced We

% 14 – Utilities

Bravura and Fineos as they each reached our price targets. targets. price our reached each they as Fineos and Bravura

% 16 – Staples Consumer

Kathmandu and Scales somewhat. We exited Oz Minerals, Minerals, Oz exited We somewhat. Scales and Kathmandu

% 29 – Care Health Pushpay a little on share price weakness, and we increased we and weakness, price share on little a Pushpay

During the month, we increased Auckland Airport and and Airport Auckland increased we month, the During

month.

Tiwai smelter but managed to eke out a small gain for the the for gain small a out eke to managed but smelter Tiwai

lockdowns. Meridian Energy is the contract holder with the the with holder contract the is Energy Meridian lockdowns.

vely good given Covid Covid given good vely relati was which guidance, half - first

positive trading update at its AGM, while Summerset updated updated Summerset while AGM, its at update trading positive

Victorian exposed Ryman Healthcare. Mainfreight released a a released Mainfreight Healthcare. Ryman exposed Victorian

giving impetus to the retirement village stocks, except the the except stocks, village retirement the to impetus giving

– offer) $7 Covid - pre the from (down up Gro Village Pacific

Metlifecare received a new offer of $6 per share from Asia Asia from share per $6 of offer new a received Metlifecare

Lendlease. and Pharmaceuticals Clinuvel Energy, Contact were

and the a2 Milk Company. The main negative contributors contributors negative main The Company. Milk a2 the and

The main positive contributions came from Mainfreight, Spark Spark Mainfreight, from came contributions positive main The

Sector Allocation Sector

month.

for the the for % 2.30 returned portfolio Our

returns Net

12.99 % 10.73 % 2.30 % 14.58 %

1 year 1 months 3 month 1 years 5 Fund Equity

Mint Australasian Australasian Mint

953 9 . 3 $ M $287

price Unit size Fund

FUND SECTOR SINGLE

2020 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

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

Mgmnt 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

% 1 – REITs Residential

% 2 – Care Health

% 3 – equivalents cash and Cash

% 5 – REITs Specialised

the month return marginally positive at 0.6% (AUD). 0.6% at positive marginally return month the

% 5 – REITs Retail

AU listed property sector towards the end of the month with with month the of end the towards sector property listed AU

% 9 – REITs Industrial lockdown over the month. This negatively impacted on the the on impacted negatively This month. the over lockdown

state of Victoria moving into a more restrictive restrictive more a into moving Victoria of state the with % 20 – Companies Operating Estate Real

Australia has been hit hard by a second wave of Covid of wave second a by hard hit been has Australia 19, 19, -

% 53 – REITs Diversified

level. gearing its reduce

Industre joint venture and Argosy continues to sell assets to to assets sell to continues Argosy and venture joint Industre

pick up with Stride acquiring around $40m of property for the the for property of $40m around acquiring Stride with up pick

ransactional activity also continued to to continued also activity ransactional t Property operational.

office rent is being collected with tenants are fully fully are tenants with collected being is rent office

has been strong for retail, and the majority of industrial and and industrial of majority the and retail, for strong been has

their AGM’s. In general trading post the end of the lockdown lockdown the of end the post trading general In AGM’s. their

of NZ listed property entities updated the market at at market the updated entities property listed NZ of number A

+7.1%. of return a with July over run strong very

After a flat month in June the NZ listed property sector had a a had sector property listed NZ the June in month flat a After

Capital. Centuria

performance were holdings in Lend Lease, Centuria Office and and Office Centuria Lease, Lend in holdings were performance

Precinct and Stride Property. The key detractors to to detractors key The Property. Stride and Precinct 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 % 6.17 returned portfolio Our

returns Net

5.23 - % 10.61 % 6.17 % 7.69 %

1 year 1 months 3 month 1 years 5 Fund Property

Mint Australasian Australasian Mint

2.2944 $ M $77

price Unit size Fund

FUND SECTOR SINGLE

2020 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-19 Aug-18 Aug-17 Aug-16 Aug-15 Aug-14

Limited Vector

$9,500

Ltd. Group rty Prope Kiwi

$10,000

Bond TIPS iShares

$10,500

Bond Corporate Aware ESG iShares

$11,000

Trust Property Goodman

$11,500

Limited Energy Contact

$12,000

Limited irport A International Auckland

$12,500

Holdings Top

$13,000

$13,500

inception since invested $10,000

10% – property Listed

10% – equivalents cash and Cash

15% – equities International

16% – equities Australasian Also, we added Scales and took profit on Arvida and Dexus. and Arvida on profit took and Scales added we Also,

Protected Securities. Securities. Protected - Inflation Treasury and bonds ate Corpor

49% – interest Fixed

Fixed Income exposures by adding US Investment Grade Grade Investment US adding by exposures Income Fixed

During the month we have reduced cash levels and increased increased and levels cash reduced have we month the During

In the portfolio, we remain slightly overweight growth assets. assets. growth overweight slightly remain we portfolio, the In

10%. over returning Corporation)

on, Thermo Fisher Scientific and Danaher Danaher and Scientific Fisher Thermo on, Corporati

month with several holdings in the portfolio (Waters (Waters portfolio the in holdings several with month

Trust. In addition, global Health Care stocks had a very strong strong very a had stocks Care Health global addition, In Trust.

Stride Property, Precinct Properties and Goodman Property Property Goodman and Properties Precinct Property, Stride

- sector the within holdings were fund the of performance

utions to the the to utions contrib positive top The +7.1%. of return a with

The NZ Listed Property sector had a very strong run over July July over run strong very a had sector Property Listed NZ The

fund. the of performance the on impact largest the having

(+0.8%), Listed Property (+0.6%) and Fixed Income (+0.4%) (+0.4%) Income Fixed and (+0.6%) Property Listed (+0.8%),

Tactical Asset Allocation Asset Tactical

positive with Global Equities Equities Global with positive were contributions class asset All

month.

% for the the for % 1.90 returned portfolio Our

returns Net

2.00 % 4.81 % 1.90 % 4.75 %

1 year 1 months 3 month 1 years 5 Fund Income

Mint Diversified Diversified Mint

.0846 $1 M 218 $

price Unit size Fund

FUND DIVERSIFIED

2020 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

Dec-19 Dec-18

A Class Inc. Visa

$9,500

Inc. Scientific Fisher Thermo

$10,000

Corporation Microsoft

A Class Corporation Comcast $10,500

Inc. Amazon.com,

$11,000

A Class Plc Accenture

$11,500 Ltd. Company Milk a2

$12,000 Holdings Top

$12,500

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

Limited. Xero and Group ities Commun Ingenia

Pharmaceuticals. Also, we took profit on Schindler Holdings, Holdings, Schindler on profit took we Also, Pharmaceuticals.

5% – property Listed

Protected Securities, Intel, Infratil and Clinuvel Clinuvel and Infratil Intel, Securities, Protected - Inflation

8% – equivalents cash and Cash

The main changes in the portfolio included adding Treasury Treasury adding included portfolio the in changes main The

8% – interest Fixed

sectors. Asa) (Schibsted Services

16% – equities Australasian

ration) and Communication Communication and ration) Corpo Danaher and Scientific

63% – equities International

Apple), Health Care (Waters Corporation, Thermo Fisher Fisher Thermo Corporation, (Waters Care Health Apple),

Technology (Advanced Micro Devices, PayPal Holdings and and Holdings PayPal Devices, Micro (Advanced Technology

in July were holdings in stocks within the Information Information the within stocks in holdings were July in

The top positive contributions to the performance of the fund fund the of performance the to contributions positive top The

August.

fresh fiscal stimulus package being passed in the US by mid by US the in passed being package stimulus fiscal fresh -

emergency use as early as October) and expectations of a a of expectations and October) as early as use emergency

ng to have a vaccination approved for for approved vaccination a have to ng expecti Moderna

programs including AstraZeneca/Oxford University, Pfizer and and Pfizer University, AstraZeneca/Oxford including programs

19 vaccination outlook (with several vaccine vaccine several (with outlook vaccination 19 - COVID positive

Global growth assets had another strong month driven by by driven month strong another had assets growth Global

fund. the of performance the on impact

ing the most significant significant most the ing hav (+0.3%) Property Listed and (+4%)

Tactical Asset Allocation Asset Tactical

All asset class contributions were positive with Global Equities Equities Global with positive were contributions class asset All

month.

% for the the for % 4.37 returned portfolio Our

returns Net

12.05 % 11.99 % 4.37 % - %

1 year 1 months 3 month 1 years 5 Fund Growth

Mint Diversified Diversified Mint

1.2259 $ M $14

price Unit size Fund

FUND DIVERSIFIED

2020 July 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. Year. the of Manager Boutique for Management Asset Mint to Awarded Good Returns Returns Good

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 July 31 of As