Market Overview Funds at a Glance

As of 30 June 2021

Market overview

Global markets rose in June, with a change in leadership from value to growth For more information on our Funds, styled companies. Bond yields dropped a little, supporting the mini-rotation back please contact: to growth. The US Federal Reserve shifted slightly hawkish in June bringing forward expectations for tapering of QE. The US 2-year bond yield rose while the US 10- David Boyle year yield dropped. Commodity prices rose too, driven by Iron Ore and Oil, while Head of Sales & Marketing Gold fell. Level 29, SAP Tower Economic data continues to point to a global economy re-opening from last year’s 151 Queen Street, Auckland stoppage. Economic expansion is driving inflation, as labour shortages, shipping New Zealand delays and supply-chain disruption forces costs higher. Central banks around the P 0800 646 833 world continue to opine the inflationary pulse is transient – in particular as E [email protected] northern hemisphere fiscal stimulus fades through September; however, the www.mintasset.co.nz length and strength of the pulse is starting to test their conviction.

The Australian market achieved moderate gains, led by the Tech sector, with Financials pulling back from the previous month’s gains. The New Zealand market bounced back from the pull back in May. Stronger market performers in June were Synlait (+21%), Arvida (+11%) and Vista Group (+10%), while Air New Zealand (-7%), Port of Tauranga (-6%) and the NZX (-6%) lagged. Mercury (+2%) revised down full year earnings guidance, but also announced the acquisition of the retail division of Trustpower. Sky City (-3%) increased full year earnings guidance, but also announced a (sector wide) anti-money laundering investigation by Austrac.

Funds at a glance

1 Month 3 Months 1 Year 5 Years Net* 2.84% 2.10% 5.79% 12.23% Mint Australasian Equity Fund Gross** 2.94% 2.41% 7.17% 13.84% Net 3.19% 2.59% 10.82% - Mint New Zealand SRI Equity Fund Gross 3.26% 2.83% 11.93% - Net 1.63% 3.31% 21.49% 8.33% Mint Australasian Property Fund Gross 1.71% 3.55% 22.78% 9.80% Net 1.06% 2.66% 8.41% 4.70% Mint Diversified Income Fund Gross 1.15% 2.93% 9.57% 5.94% Net 2.74% 7.49% 26.85% - Mint Diversified Growth Fund Gross 2.84% 7.85% 28.61% - 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

% 2 – Financials

$42,000

% 3 – Staples Consumer

inception since invested 000 $10,

% 4 – Discretionary Consumer

% 6 – equivalents cash and Cash

% 6 – Technology Information

% 7 – Materials

% 7 – Services Communication

% 8 – Estate Real

Limited. CSL decreased and Metals,

% 14 – Industrials

Energy and Xero. We exited Newcrest Mining and Fortescue Fortescue and Mining Newcrest exited We Xero. and Energy

In other portfolio changes in June, we increased Contact Contact increased we June, in changes portfolio other In % 20 – Utilities

% 22 – Care Health somewhat. weight - re to placement the used

ing our PCT holding, and and holding, PCT our ing decreas been had We opportunity.

term - longer a building Freyberg the and 2023 - mid

with the Bowen House redevelopment to be completed by by completed be to redevelopment House Bowen the with

acquisitions. Both buildings are a development opportunity, opportunity, development a are buildings Both acquisitions.

ecinct raised $250m over June to fund two Wellington office office Wellington two fund to June over $250m raised ecinct Pr

UK. the as such markets

there is now the opportunity to set up systems in new (larger) (larger) new in systems up set to opportunity the now is there

published numbers are better than we had in our model and and model our in had we than better are numbers published

bought by a consortium including Link. Three years on, the the on, years Three Link. including consortium a by bought

d in 2018 before being being before 2018 in d e - IPO almost that platform y registr

We participated in the PEXA IPO in June, the Australian land land Australian the June, in IPO PEXA the in participated We

Lendlease. was laggard main The Spark. and

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 2.84% returned portfolio Our

returns Net

5.79 % 2.10 % 2.84 % 12.23 %

months 3 month 1 years 5 year 1 Fund Equity

Mint Australasian Australasian Mint

$4.1317 M $292

price Unit size Fund

FUND SECTOR SINGLE

2021 June 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% – equivalents cash and Cash

$17,000

3% – Discretionary Consumer

inception since invested $10,000

4% – Staples Consumer

5% – Technology Information

5% – Materials

8% – Estate Real

9% – Services Communication

Mercury. and

reduced our positions in both Chorus Chorus both in positions our reduced and Limited, NZX and 18% – Industrials

Properties capital raise. We exited our holdings in Scale in holdings our exited We raise. capital Properties s Corp Corp s

21% – Utilities

Contact Energy as well as participating in the Precinct Precinct the in participating as well as Energy Contact

26% – Care Health Over the month, we increased our positions in Meridian Meridian in positions our increased we month, the Over and and

retailing. telco and gas to exposure

retail arm of electricity player Trustpower, increasing its its increasing Trustpower, player electricity of arm retail

power station outage. Mercury was also busy acquiring the the acquiring busy also was Mercury outage. station power

hydrology conditions as well as an unplanned unplanned an as well as conditions hydrology to due guidance

headlines with a downgrade to to downgrade a with headlines the in was Mercury FY21 FY21

driver of these names with news flow lacking. In other names, names, other In lacking. flow news with names these of driver

Group and EBOS Group. Market movements were the key key the were movements Market Group. EBOS and Group

The detractors of the month were My Food Bag, Kiwi Property Property Kiwi Bag, Food My were month the of detractors The

names. ap c large the by driven way, the lead stocks Growth

strong +2.7% performance would make you think otherwise. otherwise. think you make would performance +2.7% strong

June was a quiet month for the S&P/NZX50, although the the although S&P/NZX50, the for month quiet a was June

Group. Summerset and Spark 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 3.19% returned portfolio Our

returns Net

10.82 % 2.59 % 3.19 % - %

months 3 month 1 years 5 year 1 Fund Equity

New Zealand SRI SRI Zealand New Mint

$1.6254 M $84

price Unit size Fund

FUND SECTOR SINGLE

2021 June 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

$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% – REITs Residential

2% – Care Health

3% – equivalents cash and Cash

2%). - ( malls large and (+2%) office

discretionary malls (+4%), (+4%), malls discretionary - non by followed 10%), - (+8 winners

3% – REITs Retail

remain positive with industrials and alternatives the clear clear the alternatives and industrials with positive remain

7% – REITs Specialised and diversified outperforming. Asset revaluations trends trends revaluations Asset outperforming. diversified and

and office REITS with the subsectors, industrial, residential residential industrial, subsectors, the with REITS office and

10% – REITs Industrial

Australia dampened the performance of retail retail of performance the dampened Australia in Lockdowns

18% – Companies Operating Estate Real

Auckland)

three other development sites (two in Queensland and one in in one and Queensland in (two sites development other three 55% – REITs Diversified

the acquisition of a hospital in Melbourne for A$82.7m, and and A$82.7m, for Melbourne in hospital a of acquisition the

opportunity. Vital Healthcare has also been active with with active been also has Healthcare Vital opportunity. term

and the Freyberg building a a building Freyberg the and 2023 - mid by eted compl - longer

opportunity, with the Bowen House redevelopment to be be to redevelopment House Bowen the with opportunity,

office acquisitions. Both buildings are a development development a are buildings Both acquisitions. office

Precinct raised $250m over June to fund two Wellington Wellington two fund to June over $250m raised Precinct

AUD). (in 5.6% of return a

he AU listed property sector had another strong month with with month strong another had sector property listed AU he T

The NZ listed property sector was up 1.1% over the month. month. the over 1.1% up was sector property listed NZ The

Lendlease.

detractors to performance were holdings in Kiwi Property and and Property Kiwi in holdings were performance to detractors

Trust, Precinct Properties and Vital Healthcare. The key key The Healthcare. Vital and Properties 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 % 1.63 returned portfolio Our

returns Net

Fund Property

21.49 % 3.31 % 1.63 % 8.33 %

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

2.6255 $ M $85 FUND SECTOR SINGLE

price Unit size Fund

2021 June 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

Mgmt. Invest tride S & Property Stride

$9,000

Ltd Zealand New Properties Precinct

$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% – equivalents cash and Cash

During the month, we added Serko to the fund. the to Serko added we month, the During

13% – equities International

contributors.

13% – property Listed Corporation and PPG Industries were small negative negative small were Industries PPG and Corporation

Property Group, and within Global Equities, FedEx FedEx Equities, Global within and Group, Property Kiwi

55% – interest Fixed

Domestic detractors for the month included My Food Bag and and Bag Food My included month the for detractors Domestic

Equities. Australasian to contributions

12% in June. Meanwhile, Spark and Summerset led led Summerset and Spark Meanwhile, June. in 12%

Scientific and Roche Holding) names that all returned over over returned all that names Holding) Roche and Scientific

nd Microsoft) and healthcare (Thermo Fisher Fisher (Thermo healthcare and Microsoft) nd a Holdings

significant contribution came from global technology (PayPal (PayPal technology global from came contribution significant

Group accounting for +0.4% of fund return in June. Another Another June. in return fund of +0.4% for accounting Group

contribution, with Charter Hall, Goodman Group and Mirvac Mirvac and Group Goodman Hall, Charter with contribution,

Australian property stocks had the most substantial positive positive substantial most the had stocks property Australian

ning. flatte curve - yield of back

contributions, while Fixed Income made modest gains on the the on gains modest made Income Fixed while contributions,

Equities and Property also made significant positive positive significant made also Property and Equities

a strong performance from Global Equities. Australasian Australasian Equities. Global from performance strong a

Tactical Asset Allocation Asset Tactical

Asset class performance was positive across the board, led by by led board, the across positive was performance class Asset

month.

% for the the for % 1.06 returned portfolio Our

returns Net

8.41 % 2.66 % 1.06 % 4.70 %

1 year 1 months 3 month 1 years 5 Fund Income

Mint Diversified Diversified Mint

1307 . $1 M 264 $

price Unit size Fund

FUND DIVERSIFIED

2021 June 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

xited Intercontinental Exchange. Intercontinental xited e we month, the During

7% – equivalents cash and Cash

Holdings and Amadeus were the notable detractors. detractors. notable the were Amadeus and Holdings

15% – equities Australasian ithin Global Equities, Booking Booking Equities, Global ithin w and Group, Property Kiwi

Domestic detractors for the month included My Food Bag and and Bag Food My included month the for detractors Domestic 66% – equities International

feared. than

commerce events could have been better better been have could events commerce - e Chinese in pricing

other names, a2 Milk bounced off of its lows on comments that that comments on lows its of off bounced Milk a2 names, other

were led by Spark and Summerset. In In Summerset. and Spark by led were Equities Australasian

that all returned over 12% in June. Meanwhile, contributions to to contributions Meanwhile, June. in 12% over returned all that

healthcare stocks (Thermo Fisher Scientific and Roche Holding) Holding) Roche and Scientific Fisher (Thermo stocks healthcare

(PayPal Holdings, Microsoft and Advanced Micro Devices) and and Devices) Micro Advanced and Microsoft Holdings, (PayPal

itive contribution came from global technology technology global from came contribution itive pos highest The

flattening. curve - yield of

the month, while Fixed Income made modest gains on the back back the on gains modest made Income Fixed while month, the

and Property also made significant positive contributions for for contributions positive significant made also Property and

strong performance from Global Equities. Australasian Equities Equities Australasian Equities. Global from performance strong

Tactical Asset Allocation Asset Tactical

across the board, led by a a by led board, the across positive was performance class Asset

month.

the the for % 2.74 returned portfolio Our

returns Net

26.85 % 7.49 % 2.74 % - %

1 year 1 months 3 month 1 years 5 Fund Growth

Mint Diversified Diversified Mint

1.4900 $ M $45

price Unit size Fund

FUND DIVERSIFIED

2021 June 30 of As

Mint Funds is 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

erwise) 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 erwise) oth or consequential indirect, direct, (whether damage or loss resulting any

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

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

red all reasonable care, Mint Asset Management Ltd accepts no responsibility responsibility no accepts Ltd Management Asset Mint care, reasonable all red prepa been has document this in contained information the While advice. investment give to purport

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

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

Awards. Money Mindful 2021

at the the at Fund, Equity SRI Zealand New Mint the , Fund Ethical New Best for Nominated

2021 June 30 of As