Market Overview Funds at a Glance

As of 31 January 2021

Market overview

The early part of January carried on the positive lead from late last year. Globally, For more information on our Funds, optimism driven by the vaccine program getting underway and the US election please contact: outcome faded into the end of the month on profit taking and jitters around just how far and fast the market had reached in the last few months. The MSCI World David Boyle index was down 1.0%, with the US down 1.0% and Japan up 0.8%. The NZ and Head of Sales & Marketing Australian markets were both up 0.3%. Bond yields rose a little (with the US 10- Level 25, SAP Tower year Treasury bond reaching 1%). 151 Queen Street, Auckland Cyclical and Financial stocks continued to lead in NZ and Australia, while Energy New Zealand (esp. Utilities) slipped in NZ and Real Estate underperformed in Australia. The NZ P 0800 646 833 Utilities gave back some of the strong gains from late last year, while the rise in E [email protected] bond yields was likely the key headwind for the Australian REIT sector. www.mintasset.co.nz Looking ahead, global markets remain awash with central bank inspired liquidity and the vaccine news remains positive so far. If the vaccine rollout remains on the current trajectory it is likely that enough people in the large developed countries will have been vaccinated by mid-year to allow a return to near -normal consumer behaviour by the second half of the year. More immediately, reporting season in the trans-Tasman markets begins in February and we will gain a clearer picture of just how earnings have rebounded in the second half of 2020. Certainly, confession (or pre-reporting) season was skewed more to upgrades than downgrades, so expectations are on the high side and reporting season needs to be strong to reinforce the current market level.

Funds at a glance

1 Month 3 Months 1 Year 5 Years Net* -0.64% 5.92% 11.91% 14.97% Mint Australasian Equity Fund Gross** -0.54% 6.26% 13.41% 16.65% Net -0.84% 2.40% -0.05% 9.75% Mint Australasian Property Fund Gross -0.76% 2.67% 1.04% 11.29% Net -0.56% 2.08% 3.68% 5.01% Mint Diversified Income Fund Gross -0.48% 2.35% 4.84% 6.28% Net -2.00% 6.49% 14.42% - Mint Diversified Growth Fund Gross -1.89% 6.87% 16.00% - 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 Investment Investments Manager Manager Manager Manager Analyst Anthony Halls Carlie Eve David Fyfe John Middleton Marek Krzeczkowski Henry Morrison- Jones

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

Limited Energy Meridian

$12,000 Ltd. NZ Mercury

Limited Mainfreight

$18,000

Corporation Healthcare l Payke & Fisher

$24,000

Limited Airport International Auckland

$30,000 Ltd. Company Milk a2

Holdings Top

$36,000

% 2 – Financials $42,000

% 3 – Technology Information

000 invested since inception since invested 000 $10,

% 3 – Materials

% 4 – Discretionary Consumer

% 6 – Staples Consumer

% 7 – equivalents cash and Cash

% 8 – Estate Real

% 9 – Services Communication

sales. of r quarte

% 12 – Industrials

the month) and Summerset Group had their strongest ever ever strongest their had Group Summerset and month) the

% 20 – Utilities year earnings guidance by $30m (helping MCY to a 9% gain for for gain 9% a to MCY (helping $30m by guidance earnings year

In portfolio company news, Mercury Energy increased its full its increased Energy Mercury news, company portfolio In - % 25 – Care Health

levels. reasonable

olding back as the share prices dip back toward more more toward back dip prices share the as back olding h

Smelter’s life, means we are more likely to buy some of our our of some buy to likely more are we means life, Smelter’s

agreement between Meridian and NZAS to extend the Tiwai Tiwai the extend to NZAS and Meridian between agreement

energy aspects of the NZ Utility sector, plus the January January the plus sector, Utility NZ the of aspects energy

holding into that strength, but not all of it. The positive clean clean positive The it. of all not but strength, that into holding

d a lot of our our of lot a d sol We period. holiday illiquid the during rises

quarter came to an end in January after some extreme price price extreme some after January in end an to came quarter

The enthusiastic rally in CEN (and Meridian) over the last last the over Meridian) (and CEN in rally enthusiastic The

4%). - (ATM Company Milk a2 the and 8%) - (CEN

in negative contributors were Contact Energy Energy Contact were contributors negative in ma The +7%).

(FPH +5%), Mercury Energy (MCY +9%), and Chorus (CNU (CNU Chorus and +9%), (MCY Energy Mercury +5%), (FPH

The main positive contributions came from F&P Healthcare Healthcare F&P from came contributions positive main The

Sector Allocation Sector

month.

returns Net

for the the for % 0.64 - returned portfolio Our

11.91 % 5.92 % 0.64 - % 14.97 %

months 3 month 1 years 5 year 1

Fund Equity

2399 $4. M $333 Mint Australasian Australasian Mint

price Unit size Fund

FUND SECTOR SINGLE

2021 January 31 of As

2007. December 31 ion: incept Fund tax. investor before and fees after are Returns performance. Cumulative

Mint Australasian Property Fund Property Australasian Mint

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

Trust Property Healthcare Vital

Mgmt. Invest tride S & Property Stride

$6,000

Limited Industry For Property

$10,000

Ltd. Zealand New Properties Precinct

Ltd. Group Property Kiwi $14,000

Trust Property Goodman

$18,000

Limited Property Argosy

$22,000

Holdings Top

$26,000

% 2 – Care Health

$30,000

% 3 – equivalents cash and Cash

inception since invested $10,000

% 3 – REITs Residential

% 4 – REITs Retail

% 7 – REITs Specialised

% 10 – REITs Industrial

outperforming industrial, office and diversified REITs. diversified and office industrial, outperforming

% 17 – Companies Operating Estate Real

improved performance of retail exposure REITs, with the sector sector the with REITs, exposure retail of performance improved

% 55 – REITs Diversified ading updates supported supported updates ading tr retailer listed Strong 4.1%. - of

The Australian Property sector had a weak month with a return return a with month weak a had sector Property Australian The

performance.

December with the new Galleria contributing to the strong sales sales strong the to contributing Galleria new the with December

flagship retail asset, Sylvia Park reported sale up 12% in in 12% up sale reported Park Sylvia asset, retail flagship

year increase. KPG’s KPG’s increase. year - on - year 6.5% a recorded retailers major

increase on the prior year. Specialty store sales grew 9.3% while while 9.3% grew sales store Specialty year. prior the on increase

3.0%). KPG reported strong sales at its retail assets with a 4.2% 4.2% a with assets retail its at sales strong reported KPG 3.0%). - (

was offset by another weak month for Goodman Property Trust Trust Property Goodman for month weak another by offset was

ong KPG performance performance KPG ong str The 5.7%. of return a with performer

the month. Kiwi Property Group (KPG) was the strongest strongest the was (KPG) Group Property Kiwi month. the

The NZ listed property sector posted a small negative return over over return negative small a posted sector property listed NZ The

Trust. Property Goodman

Investore and Stride. The key detractor to performance was was performance to detractor key The Stride. and Investore

Sector Allocation Sector - Sub

y Group, Group, y Propert Kiwi in holdings were contributors top The

month.

% for the the for % 0.84 - returned portfolio Our

returns Net

Fund Property

0.05 - % 2.40 % 0.84 - % 9.75 %

Mint Australasian Australasian Mint 1 year 1 months 3 month 1 years 5

2.6139 $ M $85 FUND SECTOR SINGLE

price Unit size Fund

2021 January 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

Mgmt. Invest Stride & Property Stride

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

8% – equities Australasian

During the month, we did not buy or sell any new stocks. new any sell or buy not did we month, the During

12% – property Listed

fund. the of performance

12% – equities International

0.25%) to the ov the to 0.25%) - ( contributors negative largest the erall erall

14% – equivalents cash and Cash (Mirvac Group, Charter Hall Group, Goodman Group) were were Group) Goodman Group, Hall Charter Group, (Mirvac

4.1% and stocks held within this sector sector this within held stocks and 4.1% - of turn re a with

55% – interest Fixed

particular, the Australian Property sector had a weak month month weak a had sector Property Australian the particular,

other Australasian, Global and Listed Property names. In In names. Property Listed and Global Australasian, other

However, this was offset by a negative contribution from from contribution negative a by offset was this However,

January. in 5%

all returning over over returning all – sector Care Health the within ation) Corpor

Laboratories, Thermo Fisher Scientific and Danaher Danaher and Scientific Fisher Thermo Laboratories,

substantial positive contribution from several stocks (Abbott (Abbott stocks several from contribution positive substantial

Skellerup Holdings and Spark New Zealand). We also saw a a saw also We Zealand). New Spark and Holdings Skellerup

came from stocks within Australasian Equities (Mercury, (Mercury, Equities Australasian within stocks from came

the fund's performance performance fund's the to contributors positive highest The

0.1%). - ( Equities Australasian and

0.2%) 0.2%) - ( Property Listed 0.2%), - ( Equities Global assets: growth

from Fixed Income (+0.2%) and a negative contribution from from contribution negative a and (+0.2%) Income Fixed from

Tactical Asset Allocation Asset Tactical

Asset class performance was mixed with positive contribution contribution positive with mixed was performance class Asset

month.

% for the the for % 0.56 - returned portfolio Our

returns Net

3.68 % 2.08 % 0.56 - % 5.01 %

1 year 1 months 3 month 1 years 5 Fund Income

Mint Diversified Diversified Mint

.1136 $1 M 247 $

price Unit size Fund

FUND DIVERSIFIED

2021 January 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-20 Dec-19 Dec-18

$9,000 Inc. Scientific Fisher Thermo

Inc Holdings PayPal

$10,000

Corporation Microsoft

Inc. Companies, Lowe's

$11,000

ETF Bond TIPS iShares

$12,000 A Class Corporation Comcast

Inc. Amazon.com,

$13,000

Holdings Top

$14,000

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

5% – property Listed

8% – interest Fixed

stocks.

Care and Clinuvel Pharmaceuticals. We did not add any new new any add not did We Pharmaceuticals. Clinuvel and Care 13% – equities Australasian

During the month, we sold Intel Corporation, Ramsay Health Health Ramsay Corporation, Intel sold we month, the During

14% – equivalents cash and Cash

January. in 60% – equities International

Holdings, FedEx and Moody’s Corporation all dropping over 9% 9% over dropping all Corporation Moody’s and FedEx Holdings,

Lauder Companies, Booking Booking Companies, Lauder Estee Inc., Visa were January

Equities. The main negative contributions to performance in in performance to contributions negative main The Equities.

However, this was offset by a negative contribution from Global Global from contribution negative a by offset was this However,

Zealand. New Spark and Holdings

Mercury, Skellerup Skellerup Mercury, - names Australasian from contribution

e positive positive e som saw we Also, month. the during 5% over

Thermo Fisher Scientific and Danaher Corporation all returned returned all Corporation Danaher and Scientific Fisher Thermo

fund came from global Health Care stocks. Abbott Laboratories, Laboratories, Abbott stocks. Care Health global from came fund

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

0.2%). - ( Equities tralasian Aus and 1.7%) - ( Equities Global

overall performance with the two main contributions from from contributions main two the with performance overall

Tactical Asset Allocation Asset Tactical

Most asset classes had a negative contribution to the fund's fund's the to contribution negative a had classes asset Most

month.

% for the the for % 2.00 - returned portfolio Our

returns Net

14.42 % 6.49 % 2.00 - % - %

1 year 1 months 3 month 1 years 5 Fund Growth

Mint Diversified Diversified Mint

1.3290 $ M $22

price Unit size Fund

FUND DIVERSIFIED

2021 January 31 of As

gister.companiesoffice.govt.n re - https://disclose at register offer the on z

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 necessarily

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

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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 sibility sibility respon no accepts Ltd Management Asset nt

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

Year. the of Manager Fund Boutique - 2019 IP Research by Powered

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

2021 January 31 of As