As of 30 April 2021

Market overview

Financial markets strength was broad based in April with most major asset classes For more information on our Funds, posting positive returns. The reflation theme remained intact, despite another please contact: wave of Covid in parts of the world. The relative performance in vaccinations was transmitted into equity market performance, with the US and UK well into their David Boyle vaccination rollout relative to other markets – and US and UK stocks were the Head of Sales & Marketing better performers. Industrial metals were very strong in April, as markets price in Level 25, SAP Tower rising demand for base metals alongside the reflating economies and fiscal 151 Queen Street, Auckland stimulus. New Zealand Australian stocks rose 3.5% in April, lagging the 5.3% rise in the US market. The P 0800 646 833 technology sector was the best performer in Australia (bouncing back from weak E [email protected] preceding months), followed by the Metals & Mining sector. The New Zealand www.mintasset.co.nz market was up 1.4%, led by Pacific Edge (PEB), F&P Healthcare (FPH) and Vista Group VGL). Laggards were PushPay (PPH), a2 Milk (ATM), and Fonterra (FSF). Looking forward, in countries where the vaccine rollout has been rapid Covid cases are falling sharply, allowing those governments to loosen restrictions. The situation in emerging countries remains dire, but the developed world is on track for re-opening in the second half of this year. While bond rates reduced a little from recent highs, if developed market re- emergence is as robust as we expect, the path of least resistance for long-term rates is upwards. This may eventually become a headwind for equity markets, but within that scenario, we believe Cyclicals are likely to outperform Growth and Yield stocks.

Funds at a glance

1 Month 3 Months 1 Year 5 Years Net* 1.90% -2.75% 14.28% 12.50% Mint Australasian Equity Fund Gross** 2.01% -2.43% 15.80% 14.13% Net 1.98% -2.47% 22.38% - Mint New Zealand SRI Equity Fund Gross 2.06% -2.23% 23.64% - Net 1.51% -1.30% 24.36% 8.13% Mint Australasian Property Fund Gross 1.59% -1.05% 25.71% 9.62% Net 1.50% 1.01% 10.25% 4.74% Mint Diversified Income Fund Gross 1.59% 1.28% 11.45% 5.99% Net 3.88% 8.35% 31.54% - Mint Diversified Growth Fund Gross 4.00% 8.75% 33.37% - 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

Summerset Group Holdings Limited Holdings Group Summerset 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

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

Holdings Top $30,000

$36,000

% 1 – Financials

$42,000

% 3 – Technology Information

inception since invested 000 $10,

% 3 – Discretionary Consumer

% 4 – Staples Consumer

% 7 – equivalents cash and Cash

% 7 – Services Communication

% 8 – Materials

% 10 – Estate Real

portfolio. the into back Group Goodman

% 13 – Industrials

ncreased Lendlease and added CSL and and CSL added and Lendlease ncreased i We strength. into

% 17 – Utilities

opened) and reduced Commonwealth Bank, Ingenia and Ebos Ebos and Ingenia Bank, Commonwealth reduced and opened)

% 25 – Care Health In March, we exited Sydney Airport (after the travel bubble bubble travel the (after Airport Sydney exited we March, In

market. to channel

evidence so far of a resurgence in the company’s key Daigou Daigou key company’s the in resurgence a of far so evidence

fell, a2 while ambitions; growth company’s the as there is no no is there as

rise over whether their (stretched) balance sheet can support support can sheet balance (stretched) their whether over rise

performance remains strong. Ryman fell as question marks marks question as fell Ryman strong. remains performance

takeover offer for Tilt’s NZ assets very slightly, and operating operating and slightly, very assets NZ Tilt’s for offer takeover

reported strong earnings. Mercury increased their their increased Mercury earnings. strong reported overseas

earnings. Mainfreight kept on trucking as peer companies companies peer as trucking on kept Mainfreight earnings.

parts of the world is expected to support its near term term near its support to expected is world the of parts

19 in in 19 - Covid in resurgence a as back, bounce to continued FPH

Airport. Auckland and Healthcare Ryman Company,

Laggards were the a2 Milk Milk a2 the were Laggards Energy. Mercury and Mainfreight

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

Sector Allocation Sector

month.

for the the for 1.90% returned portfolio Our

returns Net

14.28 % 2.75 - % 1.90 % 12.50 %

months 3 month 1 years 5 year 1 Fund Equity

Mint Australasian Australasian Mint

$4.1235 M $313

price Unit size Fund

FUND SECTOR SINGLE

2021 April 30 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 Infratil

$11,000 Corporation Healthcare l Payke & Fisher

Limited Energy Contact

$13,000 Limited Airport International Auckland

Holdings Top

$15,000

1% – Financials

$17,000 1% – equivalents cash and Cash

inception since invested $10,000 3% – Discretionary Consumer

4% – Materials

5% – Technology Information

5% – Staples Consumer

end. month 8% – Estate Real

as well as reducing Vista Group after a strong bounc strong a after Group Vista reducing as well as e into the the into e

9% – Services Communication

reduce our holding in Arvida Group (in favour of Summerset) Summerset) of favour (in Group Arvida in holding our reduce

18% – Industrials

Energy, Summerset and Stride Property. We continued to to continued We Property. Stride and Summerset Energy,

19% – Utilities achieve this. In the month, increased our positions Contact Contact positions our increased month, the In this. achieve

equired funding structure to to structure funding equired r the and rate build unit future 27% – Care Health

on the back of a few negative analyst notes questioning their their questioning notes analyst negative few a of back the on

(and we have certainly seen this today!). Ryman move came came move Ryman today!). this seen certainly have we (and

continued to fall as expectation of a downgrade continued continued downgrade a of expectation as fall to continued

2 Milk, Pushpay and Ryman Healthcare. a2 Milk Milk a2 Healthcare. Ryman and Pushpay Milk, 2 a were month

result in late May for Mainfreight. The detractors of the the of detractors The Mainfreight. for May late in result

strong earnings growth and expectations remain for a strong strong a for remain expectations and growth earnings strong

price reached new highs as offshore peer companies reported reported companies peer offshore as highs new reached price

supporting incremental earnings uplift. Mainfreight’s share share Mainfreight’s uplift. earnings incremental supporting

stics stics stati operating strong as down, sell ETF Energy Clean

earnings. Contact Energy recovered over the month, post the the post month, the over recovered Energy Contact earnings.

parts of the world is expected to support its near term term near its support to expected is world the of parts

19 in in 19 - Covid in resurgence a as back, bounce to continued FPH

Mainfreight. and Energy Contact (FPH), Healthcare

Our top performers for the month were Fisher & Paykel Paykel & Fisher were month the for performers top Our

Sector Allocation Sector

month.

for the the for 1.98% returned portfolio Our

returns Net

22.38 % 2.47 - 1.98% % - %

months 3 month 1 years 5 year 1 Fund Equity

New Zealand SRI SRI Zealand New Mint

$1.6157 M $81

price Unit size Fund

FUND SECTOR SINGLE

2021 April 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

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

Limited Property Argosy $18,000

$22,000 Holdings Top

$26,000

$30,000 1% – Activities Estate Real Diversified

inception since invested $10,000

2% – equivalents cash and Cash

2% – Care Health

soft. were

2% – REITs Residential

industrial performing well, while office and retail metrics metrics retail and office while well, performing industrial

earnings trends across the sectors with residential strong, strong, residential with sectors the across trends earnings

3% – REITs Retail

number of quarterly updates have provided a barometer of of barometer a provided have updates quarterly of number

7% – REITs Specialised retail posting the only negative performance. A A performance. negative only the posting retail with well

In Australia, office, industrial and residential all performed performed all residential and industrial office, Australia, In

10% – REITs Industrial

acquisitions.

15% – Companies Operating Estate Real

investment management business and the positive impact of of impact positive the and business management investment

based fee income from its its from income fee based - activity higher following year 57% – REITs Diversified

. Stride upgraded its earnings guidance for the full full the for guidance earnings its upgraded Stride . Auckland

that it will construct a further office tower at Sylvia Park in in Park Sylvia at tower office further a construct will it that

portfolio of assets in central Hamilton. KPG also announced announced also KPG Hamilton. central in assets of portfolio

to evaluate and evolve redevelopment opportunities for the the for opportunities redevelopment evolve and evaluate to

includes KPG’s Centre Place North asset. The JV is expected expected is JV The asset. North Place Centre KPG’s includes

properties, which properties, of group a across Hamilton in Holdings

Kiwi Property Group (KPG) announced a JV with Tainui Group Group Tainui with JV a announced (KPG) Group Property Kiwi

AUD). (in +2.9%

positive performance over March, with NZ +1.2% and AU AU and +1.2% NZ with March, over performance positive

Both the NZ and AU listed property sectors recorded a a recorded sectors property listed AU and NZ the Both

Property. Goodman was performance

Argosy, Precinct and Stride. The key detractor to to detractor key The Stride. and Precinct Argosy,

Sector Allocation Sector - Sub

The top contributors were holdings in Kiwi Property Group, Group, Property Kiwi in holdings were contributors top The

month.

% for the the for % 1.51 returned portfolio Our

returns Net

Fund Property

24.36 % 1.30 - % 1.51 % 8.13 %

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

2.5798 $ M $81 FUND SECTOR SINGLE

price Unit size Fund

2021 April 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

Vector Limited Vector Aug-20 Aug-19 Aug-18 Aug-17 Aug-16 Aug-15 Aug-14

Mgmt. Invest tride S & Property Stride

$9,000 Ltd. Group Property Kiwi

ETF Bond TIPS iShares

$10,000

Ltd. Issuer nd Bo Gmt

$11,000

Limited Energy Contact

Limited irport A International Auckland $12,000

$13,000 Holdings Top

$14,000

$15,000

inception since invested $10,000

7% – equities International

Spark.

7% – equities Australasian

added Centuria to the portfolio and increased our position in in position our increased and portfolio the to Centuria added

ed our position in Summerset, Summerset, in position our ed exit we month, the During 12% – property Listed

19% – equivalents cash and Cash April. over performance to detractor

channel to market. Goodman Property was also a key key a also was Property Goodman market. to channel

55% – interest Fixed

evidence of a resurgence in the company’s key Daigou Daigou key company’s the in resurgence a of evidence

month, continuing its recent downward trend as it lacked lacked it as trend downward recent its continuing month,

icant negative contributor this this contributor negative icant signif most the was Milk a2

earnings.

contributor for Global Equities on the back of very strong Q1 Q1 strong very of back the on Equities Global for contributor

remained strong. Danaher Corporation was the top top the was Corporation Danaher strong. remained

takeover offer for Tilt’s NZ assets and operating performance performance operating and assets NZ Tilt’s for offer takeover

med well as Mercury narrowly increased their their increased narrowly Mercury as well med perfor Utilities

and Charter Hall both seeing solid gains. In New Zealand, Zealand, New In gains. solid seeing both Hall Charter and

dominated by Listed Property, with Australian holdings Mirvac Mirvac holdings Australian with Property, Listed by dominated

For the second month in a row, positive contributions were were contributions positive row, a in month second the For

(+0.3%). Income Fixed and (+0.3%),

(+0.5%), Listed Property Property Listed (+0.5%), Equities Global from contributions

Tactical Asset Allocation Asset Tactical

Asset class performance was mostly positive, led by by led positive, mostly was performance class Asset

month.

% for the the for % 1.50 returned portfolio Our

returns Net

10.25 1.01% % 1.50 % 4.74 %

1 year 1 months 3 month 1 years 5 Fund Income

Mint Diversified Diversified Mint

1179 . $1 M 259 $

price Unit size Fund

FUND DIVERSIFIED

2021 April 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

A Class Inc. Visa

Dec-20 Dec-19 Dec-18

Inc. Scientific Fisher Thermo

Corporation Microsoft $9,000

Corporation Danaher

$10,000

A Class Corporation Comcast

$11,000 Corporation Schwab Charles

Inc. Amazon.com,

$12,000

Holdings Top

$13,000

$14,000

$15,000

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

5% – property Listed

6% – interest Fixed

During the month, we added no new names to the portfolio. the to names new no added we month, the During

14% – equivalents cash and Cash

Instruments and a2 milk also drifted lower in April. in lower drifted also milk a2 and Instruments

15% – equities Australasian Pacific to acquire Kansas City Southern. Pushpay, Texas Texas Pushpay, Southern. City Kansas acquire to Pacific

o a bidding war with Canadian Canadian with war bidding a o int entered they after month 61% – equities International

Canadian National Railway led negative contributions for the the for contributions negative led Railway National Canadian

PayPal. and Schwab

contributors for the month included Arthur J. Gallagher, Charles Charles Gallagher, J. Arthur included month the for contributors

expected to support their near term earnings. Other positive positive Other earnings. term near their support to expected

parts of the world is is world the of parts in 19 - Covid in resurgence a as Equities

earnings reports. FPH led contribution from Australasian Australasian from contribution led FPH reports. earnings

gains of around 10% for the month on the back of strong strong of back the on month the for 10% around of gains

Corporation, Amazon.com and LVMH, with all three seeing seeing three all with LVMH, and Amazon.com Corporation,

sitive contributors for the month were Danaher Danaher were month the for contributors sitive po highest The

(+0.11%). Property Listed

positive contributions from Australasian Equities (+0.28%) and and (+0.28%) Equities Australasian from contributions positive

strong contribution from Global Equities (+2.4%) backed up by by up backed (+2.4%) Equities Global from contribution strong

Allocation Asset Tactical

Asset class performance was positive across the board with a a with board the across positive was performance class Asset

month.

% for the the for % 3.88 returned portfolio Our

returns Net

31.54 % 8.35 % 3.88 % - %

1 year 1 months 3 month 1 years 5 Fund Growth

Mint Diversified Diversified Mint

1.4400 $ M $40

price Unit size Fund

FUND DIVERSIFIED

2021 April 30 of As

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

e and are subject to change. Further information about the Mint Funds is available available is Funds Mint the about information Further change. to subject are and e issu of time the at judgement our constitute Opinions performance. future for guide a necessarily

r person. Past performance is not not is performance Past person. r othe any or presentation this of recipient the by suffered otherwise) or consequential indirect, direct, (whether damage or s los resulting any

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

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

e the information contained in this document has been prepared all reasonable care, Mint Asset Management Ltd accepts no resp no accepts Ltd Management Asset Mint care, reasonable all prepared been has document this in contained information the e Whil advice. investment give to purport onsibility onsibility

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

All rights r rights All © 2020 Returns Good eserved

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

2019 ©. Morningstar, Inc. All rights r rights All Inc. Morningstar, ©. 2019 Awards Morningstar eserved

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

B

2021 April 30 of As