NZ Funds Advised Portfolio Service
Security Listings 20 August 2021 Product Disclosure Statement
New Zealand Funds Management Limited is the issuer of the Portfolios making up the NZ Funds Advised Portfolio Service.
The Product Disclosure Statement and the Disclose Register contain important information to help you to understand how your money is managed and the risks associated with investing.
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Important Legal Information
Please note that these Security Listings have been provided for information purposes only. The content of this document is not intended as a substitute for specific professional advice on investments, financial planning or any other matter. Core Cash Portfolio
Complete Portfolio as at 20 August 2021
estimated credit portfolio portfolio strategy / security yield1 rating exposure % exposure $ cash and cash equivalents 100.0% $29,017,400 Bank deposits 0.0% n/a 15.6% $4,523,753
Westpac Bank Bill 19/10/2021 0.3% A-1+ 29.3% $8,495,492
Kiwibank Bank Bill 30/08/2021 0.3% A-1 27.6% $7,999,277
BNZ Bank Bill 08/09/2021 0.3% A-1+ 27.6% $7,998,877 total economic exposure² 100.0% $29,017,400
1. The yield is not the actual return of the portfolio, nor is it a projection or forecast. Details of the yield calculation are available on request from NZ Funds. 2. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details of the total economic exposure calculations, contact NZ Funds Note: Rounding may affect any subtotals and totals. Core Income Portfolio
Complete Portfolio as at 20 August 2021
estimated credit portfolio portfolio strategy / security yield1 rating exposure % exposure $ cash and cash equivalents 45.7% $81,538,486 new zealand and australian bonds 57.9% $103,455,627 Housing NZ Ltd 2.183% 24/04/2030 2.0% AAA 6.6% $11,717,057
Vector Ltd 4.996% 14/03/2024 1.9% BBB 6.1% $10,954,105
Westpac Banking 4.695% 01/09/2026 0.8% BBB+ 3.9% $6,987,493
Kiwibank Ltd 2.36% 11/12/2030 2.4% BBB- 3.4% $6,110,318
Housing NZ Ltd 2.97% 12/06/2023 1.1% AAA 3.1% $5,581,148
Precinct Properties New Zealand 4.42% 27/11/2024 2.4% NR 2.9% $5,197,662
Fletcher Building 3.9% 15/03/2025 2.5% NR 2.8% $5,070,345
Westpac floating perpetual 0.6% BBB+ 2.7% $4,838,104
Infratil 5.5% 15/06/2024 2.8% NR 2.2% $3,998,525
ASB Bank Limited 5.25% 15/12/2026 1.5% BBB+ 2.2% $3,874,301
Precinct Properties 2.85% 28/05/2027 2.8% NR 2.0% $3,550,519
Housing NZ Ltd 3.36% 12/06/2025 1.5% AAA 1.9% $3,460,536
Transpower New Zealand 1.735% 04/09/2025 1.7% AA 1.8% $3,256,590
Fletcher Building 2.8% 15/03/2026 2.9% NR 1.7% $3,113,184
Property for Industry 4.25% 01/10/2025 2.4% NR 1.7% $3,074,619
Transpower 1.52% 08/04/2026 1.9% AA 1.7% $3,024,325
Peet 6.75% 07/06/2024 7.5% NR 1.7% $3,022,135
Insurance Australia Group 5.15% 15/06/2043 1.9% BBB 1.5% $2,639,462
Port of Tauranga 1.02% 29/09/2025 2.0% A- 1.5% $2,595,292
Westpac Banking floating 27/08/2029 1.7% BBB+ 1.4% $2,489,593
Ryman Healthcare 2.55% 18/12/2026 2.7% NR 1.3% $2,368,687
Trustpower 3.97% 22/02/2029 2.8% NR 1.2% $2,069,492
Spark Finance 2.6% 18/03/2030 2.5% A- 0.9% $1,695,185
Mercury NZ 3.6% 11/07/2049 2.5% BB+ 0.9% $1,685,940
Infratil 3.6% 15/12/2027 3.1% NR 0.3% $591,518
WEL Networks 4.9% 02/08/2023 2.5% NR 0.3% $489,493
... continues on next page Core Income Portfolio
Complete Portfolio as at 20 August 2021 (continued)
estimated credit portfolio portfolio strategy / security yield1 rating exposure % exposure $ international bonds 3.6% $6,413,302 Credit default swaps - Market value2 n/a n/a 3.6% $6,413,302 total economic exposure³ 107.2% $191,407,415 foreign currency 24.4% $43,643,943
1. The yield is not the actual return of the portfolio, nor is it a projection or forecast. Details of the yield calculation are available on request from NZ Funds. 2. Credit default swaps notional value is currently $191,450,469. 3. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details of the total economic exposure calculations, contact NZ Funds. Note: Rounding may affect any subtotals and totals. Global Income Portfolio
Complete Portfolio as at 20 August 2021
estimated credit portfolio portfolio strategy / security yield1 rating exposure % exposure $ cash and cash equivalents 46.5% $79,320,122 international bonds 62.2% $106,115,940 Credit default swaps - Market value2 n/a n/a 6.3% $10,792,210
JPMorgan Chase 3.625% 01/12/2027 2.0% BBB+ 4.0% $6,900,878
Bausch Health 5% 30/01/2028 6.6% B 3.7% $6,257,949
Goldman Sachs Group 3.5% 01/04/2025 1.4% BBB+ 3.6% $6,117,219
Bank of America Corp 2.687% 22/04/2032 2.5% A- 3.4% $5,863,208
Citigroup Inc 4.125% 25/07/2028 2.3% BBB 3.4% $5,832,789
First Quantum Minerals 6.875% 01/03/2026 5.4% B 3.2% $5,389,954
American Homes 4 Rent 4.9% 15/02/2029 2.4% BBB- 3.1% $5,309,410
AT&T Inc 4.35% 01/03/2029 2.3% BBB 3.1% $5,267,024
Alcoa 4.125% 31/03/2029 3.1% BB+ 2.8% $4,779,502
Goldman Sachs 1.431% 09/03/2027 1.7% BBB+ 2.6% $4,498,897
Energizer Holdings 4.75% 15/06/2028 4.4% B 2.6% $4,489,054
Uber Technologies 8% 01/11/2026 3.7% B- 2.5% $4,270,518
Uber Technologies 6.25% 15/01/2028 4.4% B- 2.5% $4,204,779
Tyson Foods Inc 4.35% 01/03/2029 2.1% BBB+ 2.3% $3,863,440
Oracle Corp 2.875% 25/03/2031 2.6% BBB+ 2.1% $3,563,976
McDonald's Corp 2.625% 01/09/2029 2.1% BBB+ 2.0% $3,350,228
Verizon Communications Inc 4.016% 03/12/2029 2.3% BBB+ 1.9% $3,170,211
Oracle Corp 2.8% 01/04/2027 1.9% BBB+ 1.8% $2,995,917
Netflix 5.375% 15/11/2029 2.7% BB+ 1.4% $2,360,727
Dell 6.02% 15/06/2026 1.9% BBB- 1.2% $2,020,740
Bank of America Corp 3.864% 23/07/2024 1.0% A- 1.2% $2,018,292
British Telecom 5.125% 04/12/2028 2.5% BBB 0.9% $1,537,350
Broadcom Inc 4.25% 15/04/2026 1.9% BBB- 0.7% $1,261,669 total economic exposure³ 108.7% $185,436,062 foreign currency exposure 46.7% $79,639,748
1. The yield is not the actual return of the portfolio, nor is it a projection or forecast. Details of the yield calculation are available on request from NZ Funds.. 2. Credit default swaps notional value is currently $200,991,264. 3. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details of the total economic exposure calculations, contact NZ Funds. Note: Rounding may affect any subtotals and totals. Core Inflation Portfolio
Complete Portfolio as at 20 August 2021
estimated portfolio portfolio strategy / security1 yield2 exposure % exposure $ cash and cash equivalents 1.0% $1,301,932 new zealand and australian shares 86.8% $113,009,918 Dividend and Growth Fund 3.3% 85.3% $111,058,828
Income Generator Strategy 2.0% 1.5% $1,951,091 international shares 52.2% $68,001,660 Absolute Return Strategy3 0.5% 52.2% $68,001,660 alternative securities 1.0% $1,270,815 Universa Black Swan Protection Protocol n/a 1.0% $1,270,815 total economic exposure⁴ 141.0% $183,584,325 foreign currency exposure 12.7% $16,524,882
1. Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash. 2. The yield calculation represents an estimate of the yield on the Portfolio, calculated using the most recent information provided by the external investment managers involved in managing the Portfolio, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Portfolio summary. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds. 3. As at the date of the security listings, the majority of the assets of the Strategy were held in this asset class. This Strategy may also hold assets in other asset classes. 4. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details of the total economic exposure calculations, contact NZ Funds. Note: Rounding may affect any subtotals and totals. Property Inflation Portfolio
Complete Portfolio as at 20 August 2021
estimated portfolio portfolio strategy / security1 yield2 exposure % exposure $ cash and cash equivalents 1.0% $1,128,597 new zealand and australian shares 36.0% $40,674,720 Precinct Properties New Zealand 4.8% 5.0% $5,695,733
New Zealand Rural Land Co Ltd 0.0% 4.0% $4,484,548
Goodman Property Trust 2.4% 3.9% $4,423,867
National Storage REIT 4.2% 3.0% $3,369,795
Property For Industry 3.8% 2.7% $3,063,281
Vital Healthcare Property Trust 3.5% 2.5% $2,867,322
Argosy Property 4.2% 2.3% $2,609,097
Kiwi Property Group Ltd 5.4% 2.0% $2,226,602
Investore Property 5.0% 1.7% $1,963,785
Stride Property Group 5.0% 1.6% $1,822,138
Goodman Group 1.8% 1.5% $1,727,380
NEXTDC 0.4% 0.9% $1,024,649
Scentre Group 6.4% 0.8% $945,989
Dexus 5.5% 0.8% $942,646
Mirvac Group 4.0% 0.7% $804,191
GPT Group 5.8% 0.6% $726,300
Stockland 6.4% 0.6% $724,363
Charter Hall Group 2.7% 0.5% $534,736
Vicinity Centres 6.9% 0.4% $405,891
Shopping Centres Australasia 6.0% 0.2% $183,400
Cromwell Property Group 8.6% 0.1% $129,006 international shares 70.9% $80,005,273 Absolute Return Strategy3 0.5% 50.3% $56,761,626
Vonovia SE 4.1% 2.6% $2,982,013
Simon Property Group 5.0% 1.5% $1,736,590
Welltower 3.3% 1.4% $1,530,767
Digital Realty Trust 3.2% 1.3% $1,452,900
Healthpeak Properties Inc 3.8% 1.2% $1,410,371
Avalonbay Communities Inc 3.2% 1.2% $1,381,529
Public Storage 2.9% 1.0% $1,082,144
... continues on next page Property Inflation Portfolio
Complete Portfolio as at 20 August 2021 (continued)
estimated portfolio portfolio strategy / security1 yield2 exposure % exposure $ international shares (continued)
Extra Space Storage Inc 2.7% 0.9% $1,052,054
Realty Income Corp 4.3% 0.9% $1,014,438
Invitation Homes Inc 2.0% 0.9% $978,121
Medical Properties Trust 6.2% 0.8% $946,862
Mid-America Apartment Communities 2.5% 0.8% $930,672
Link 4.5% 0.8% $899,263
Ventas 3.9% 0.8% $862,885
Segro Plc Ord 2.4% 0.8% $861,631
Duke Realty 2.4% 0.7% $818,305
UDR 3.1% 0.6% $674,116
Vici Properties Inc 5.2% 0.5% $598,017
Unibail-Rodamco-Westfield 0.9% 0.5% $521,363
Vereit Inc 4.3% 0.4% $469,209
Nippon Building Fund Inc 3.3% 0.3% $369,393
Japan Real Estate Investment 3.3% 0.3% $349,045
Vornado Realty Trust 5.8% 0.3% $321,958 alternative securities 1.9% $2,173,309 Cryptocurrency future exposure n/a 1.2% $1,369,893
Universa Black Swan Protection Protocol n/a 0.7% $803,416 total economic exposure⁴ 109.9% $123,981,899 foreign currency exposure 5.0% $5,623,329
1. Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash. 2. The yield calculation represents an estimate of the yield on the Portfolio, calculated using the most recent information provided by the external investment managers involved in managing the Portfolio, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Portfolio summary. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds. 3. As at the date of the security listings, the majority of the assets of the Absolute Return Strategy were held in this asset class. The Absolute Return Strategy may also hold assets in other asset classes. 4. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details of the total economic exposure calculations, contact NZ Funds. Note: Rounding may affect any subtotals and totals. Equity Inflation Portfolio
Complete Portfolio as at 20 August 2021
estimated portfolio portfolio strategy / security1 yield2 exposure % exposure $ cash and cash equivalents 3.7% $4,447,765 new zealand and australian bonds 0.7% $787,927 New Zealand inflation rate swaps exposure³ n/a 0.7% $787,927 international bonds 2.6% $3,060,910 Swaptions - Market value⁴ n/a 2.6% $3,060,910 international shares 95.3% $114,233,054 Absolute Return Strategy⁵ 0.5% 50.8% $60,880,198
MFS Global Research Focused Fund 0.5% 12.9% $15,420,523
Global total return swap exposure n/a 9.3% $11,181,567
Suvretta Offshore Fund n/a 8.6% $10,317,688
Fisher International 0.2% 6.2% $7,473,106
Equity index futures (long) n/a 3.8% $4,516,315
Emerson Point Capital Partners LP n/a 3.7% $4,443,656 alternative securities 1.7% $2,080,546 Universa Black Swan Protection Protocol n/a 1.0% $1,183,084
Cryptocurrency future exposure n/a 0.7% $897,463 total economic exposure⁶ 104.0% $124,610,202 foreign currency 13.6% $16,334,817
1. Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash. 2. The yield calculation represents an estimate of the yield on the Portfolio, calculated using the most recent information provided by the external investment managers involved in managing the Portfolio, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Portfolio summary. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds. 3. New Zealand inflation swaps notional value is currently $19,653,858. 4. Swaptions notional value is currently $62,457,259. 5. As at the date of the security listings, the majority of the assets of the Absolute Return Strategy were held in this asset class. The Absolute Return Strategy may also hold assets in other asset classes. 6. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details of the total economic exposure calculations, contact NZ Funds. Note: Rounding may affect any subtotals and totals. Core Growth Portfolio
Complete Portfolio as at 20 August 2021
estimated portfolio portfolio strategy / security1 yield2 exposure % exposure $ cash and cash equivalents 1.3% $2,086,260 international shares 127.0% $208,877,913 Global total return swaps exposure n/a 53.2% $87,427,386
Equity index futures (long) n/a 39.8% $65,497,422
Suvretta Offshore Fund n/a 13.2% $21,779,078
Galaxy Digital Holdings Ltd n/a 9.6% $15,736,388
Emerson Point Capital Partners LP n/a 5.7% $9,370,011
Goanna Capital Fund n/a 2.4% $3,880,029
Global share options n/a 1.6% $2,705,200
Galaxy Digital Holdings Ltd Warrants n/a 1.5% $2,482,398 commodities 0.1% $115,198 Commodity option exposure n/a 0.1% $115,198 alternative securities 23.0% $37,828,214 Galaxy Institutional Fund n/a 13.0% $21,447,511
Cryptocurrency future exposure n/a 8.1% $13,292,450
Universa Black Swan Protection Protocol n/a 1.9% $3,088,253 total economic exposure³ 151.4% $248,907,585 foreign currency 39.3% $64,610,715
1. Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash. 2. The yield calculation represents an estimate of the yield on the Portfolio, calculated using the most recent information provided by the external investment managers involved in managing the Portfolio, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Portfolio summary. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds. 3. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details of the total economic exposure calculations, contact NZ Funds. Note: Rounding may affect any subtotals and totals. Global Equity Growth Portfolio
Complete Portfolio as at 20 August 2021
estimated portfolio portfolio strategy / security1 yield2 exposure % exposure $ cash and cash equivalents 1.3% $2,047,737 international shares 107.0% $170,613,210 MFS Global Research Focused Fund 0.5% 33.2% $52,953,155
Equity index futures (long) n/a 21.7% $34,669,384
Global total return swaps exposure n/a 29.6% $47,139,298
Fisher International 0.2% 14.2% $22,651,469
Galaxy Digital Holdings Ltd n/a 5.2% $8,329,654
Global share options n/a 1.0% $1,564,105
Galaxy Digital Holdings Ltd Warrants n/a 0.8% $1,313,994
Goanna Capital Fund n/a 1.2% $1,992,151 commodities 0.0% $60,977 Commodity option exposure n/a 0.0% $60,977 alternative securities 13.5% $21,578,442 Galaxy Institutional Fund n/a 7.5% $11,974,920
Cryptocurrency future exposure n/a 4.4% $7,036,018
Universa Black Swan Protection Protocol n/a 1.6% $2,567,504 total economic exposure³ 121.9% $194,300,366 foreign currency 19.0% $30,289,321
1. Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash. 2. The yield calculation represents an estimate of the yield on the Portfolio, calculated using the most recent information provided by the external investment managers involved in managing the Portfolio, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Portfolio summary. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds. 3. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details of the total economic exposure calculations, contact NZ Funds. Note: Rounding may affect any subtotals and totals. Dividend and Growth Portfolio
Complete Portfolio as at 20 August 2021
estimated portfolio portfolio strategy / security¹ yield² exposure % exposure $ cash and cash equivalents 1.0% $2,079,200 new zealand and australian shares 119.6% $248,573,611 Australian futures index exposure n/a 29.8% $62,058,202
Australasian total return swaps exposure n/a 15.8% $32,940,371
Infratil 3.6% 6.3% $13,046,156
Spark New Zealand 7.3% 6.1% $12,616,932
Contact Energy 5.7% 6.0% $12,570,014
Summerset Group Holdings Ltd 1.6% 6.0% $12,541,161
Mainfreight 1.9% 5.8% $11,972,251
Fisher & Paykel Healthcare 1.8% 4.7% $9,822,294
Telstra 4.4% 4.6% $9,494,939
Fletcher Building 6.3% 3.9% $8,202,204
Chorus 5.6% 3.9% $8,077,375
Afterpay Ltd 0.0% 3.9% $8,008,215
Auckland International Airport 2.3% 3.4% $7,122,573
Tower 7.5% 3.1% $6,424,485
Ryman Healthcare 2.2% 2.7% $5,703,241
The Warehouse 9.3% 2.4% $4,928,594
Ebos 3.2% 2.1% $4,426,948
Precinct Properties New Zealand 4.8% 2.1% $4,384,768
Goodman Property Trust 2.4% 1.7% $3,574,174
Meridian Energy 4.2% 1.7% $3,446,369
Income Generator Strategy 2.0% 1.6% $3,250,320
Kiwi Property Group Ltd 5.4% 1.2% $2,501,594
Australasian index option n/a 0.7% $1,460,431 total economic exposure³ 120.6% $250,652,810 foreign currency 19.9% $41,339,879
1. Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash. 2. The yield calculation represents an estimate of the yield on the Portfolio, calculated using forecast dividends (Source: Bloomberg), NZ Funds' estimate of imputation credits where appropriate, and hedged back to New Zealand dollars where appropriate. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds. 3. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details of the total economic exposure calculations, contact NZ Funds. Note: Rounding may affect any subtotals and totals. THIS PAGE HAS INTENTIONALLY BEEN LEFT BLANK THIS PAGE HAS INTENTIONALLY BEEN LEFT BLANK new zealand funds management limited auckland
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