NZ Funds Managed Portfolio Service Security Listings 20 September 2018

Transcription

1 NZ Funds Managed Portfolio Service Security Listings 20 September 2018

2 Product Disclosure Statement New Zealand Funds Management Limited is the issuer of the NZ Funds Managed 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. For further information or to request a copy of the NZ Funds Managed Portfolio Service Product Disclosure Statement, please contact New Zealand Funds Management Limited or visit our website at Even if you have invested with NZ Funds for many years, please take the time to read these documents regularly as the content is frequently updated. 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.

3 Core Cash Portfolio strategy / security yield 1 credit rating cash and cash equivalents 100.0% $47,386,006 Bank deposits 2.0% n/a 7.2% $3,417,591 Westpac 32 day term deposit 2.6% A % $22,960,455 Kiwibank bank bill 26/10/ % A-1 5.6% $2,668,947 BNZ bank bill 08/11/ % A % $2,667,165 Kiwibank bank bill 08/11/ % A-1 5.6% $2,667,165 BNZ bank bill 02/11/ % A % $1,905,707 Kiwibank bank bill 05/11/ % A-1 4.0% $1,905,413 BNZ bank bill 22/11/ % A % $1,903,729 BNZ bank bill 29/10/ % A % $953,049 BNZ bank bill 14/11/ % A % $952,263 Kiwibank bank bill 14/11/ % A-1 2.0% $952,263 BNZ bank bill 26/10/ % A % $762,556 BNZ bank bill 09/11/ % A % $762,008 Kiwibank bank bill 09/11/ % A-1 1.6% $762,008 BNZ bank bill 16/11/ % A % $761,691 Kiwibank bank bill 19/11/ % A-1 1.6% $761,691 Kiwibank bank bill 21/11/ % A-1 1.6% $761,532 Net receivables 2 n/a n/a -0.3% -$139,227 total economic exposure % $47,386, The yield is not the actual return of the, nor is it a projection or forecast. Details of the yield calculation are available on request from NZ Funds. 2. Net receivables include unrealised profit and loss and net receivables/payables. 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

4 Core Income Portfolio strategy / security yield 1 credit rating cash and cash equivalents 6.7% $8,402,294 australasian bonds 93.3% $116,653,144 Vector 4.996% 14/03/ % BBB 9.5% $11,896,395 Insurance Australia Group 5.15% 15/06/ % BBB 7.9% $9,855,376 BlueScope Steel Finance USA 4.625% 05/25/23 4.3% BBB- 7.4% $9,231,901 Westpac Banking 4.695% 01/09/ % BBB 6.4% $8,055,451 WEL Networks 4.9% 02/08/ % NR 5.8% $7,261,938 Crown Subordinated Notes 23/04/ % NR 5.8% $7,252,419 Infratil 5.5% 15/06/ % NR 4.9% $6,078,816 Precinct Properties New Zealand 4.42% 27/11/ % NR 4.7% $5,871,585 NEXTDC 6% 09/06/ % NR 4.6% $5,810,333 Property for Industry 4.59% 28/11/ % NR 4.2% $5,296,746 Amcor Finance USA 3.625% 28/04/ % BBB 4.0% $5,010,613 Fletcher Building Industries 5.8% 15/03/ % NR 3.8% $4,690,587 Powerco 4.67% 15/11/ % BBB 3.7% $4,632,395 Qantas Airways 4.75% 12/10/ % BBB- 3.6% $4,477,317 Woodside Finance 3.7% 15/09/ % BBB+ 3.5% $4,359,888 Meridian Energy 4.88% 20/03/ % BBB+ 3.5% $4,353,902 NEXTDC 6.25% 09/06/ % NR 3.2% $3,958,651 Trustpower 4.01% 15/12/ % NR 3.0% $3,801,175 Fletcher Building Industries 4.75% 15/03/ % NR 2.8% $3,511,918 Nufarm Australia Ltd / Nufarm Americas 5.75% 30/04/ % BB- 1.0% $1,236,992 New Zealand interest rate swaps exposure n/a n/a 0.0% $8,745 total economic exposure % $125,055,438 foreign currency exposure 0.5% $590, The yield is not the actual return of the, 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... continues on next page

5 Global Income Portfolio strategy / security yield 1 credit rating cash and cash equivalents 29.0% $33,277,564 international bonds 71.4% $82,086,538 HCA 4.75% 05/01/23 3.7% BBB- 11.1% $12,720,592 Icahn Enterprises 5.875% 02/01/ % BB+ 10.2% $11,696,290 NRG Energy 6.625% 15/01/ % BB 7.6% $8,698,517 Devon Energy 5.85% 15/12/ % BBB 7.4% $8,495,743 Constellation Brands 4.75% 01/12/ % BBB 6.8% $7,845,928 Southern Copper 7.50% 27/07/ % BBB 6.6% $7,583,844 Valeant Pharmaceuticals International 5.5% 01/11/ % BB- 5.2% $5,991,104 Valeant Pharmaceuticals International 4.5% 15/05/ % B- 5.2% $5,920,852 First Quantum Minerals 7% 15/02/ % B 5.0% $5,745,153 First Data 5% 15/01/ % BB 3.9% $4,425,874 Southern Copper 3.5% 08/11/ % BBB 2.4% $2,724,434 Credit default swaps - Market value 2 n/a n/a 0.2% $222,989 United States bond futures (short) n/a n/a 0.0% $15,219 total economic exposure % $115,364,103 foreign currency exposure 0.3% $352, The yield is not the actual return of the, 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 $11,579, 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.

6 Core Inflation Portfolio strategy / security 1 yield 2 cash and cash equivalents 6.0% $6,508,666 international bonds 25.3% $27,638,890 Floating Rate and Perpetual Bond Strategy 6.3% 25.3% $27,638,890 australasian shares 70.0% $76,396,610 Dividend and Growth Strategy 5.3% 70.0% $76,396,610 total economic exposure % $110,544,167 foreign currency exposure 0.4% $436, 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

7 Property Inflation Portfolio strategy / security 1 yield 2 cash and cash equivalents 11.9% $10,723,632 international bonds 19.2% $17,234,528 Floating Rate and Perpetual Bond Strategy 6.3% 17.9% $16,071,805 Credit default swaps - Market value 3 n/a 1.0% $922,932 United States bond futures (short) n/a 0.3% $239,791 australasian shares 39.8% $35,755,249 Fletcher Building 6.8% 6.0% $5,377,337 Goodman Group 3.1% 4.2% $3,812,334 Vicinity Centres 5.9% 3.8% $3,460,357 Precinct Properties New Zealand 4.6% 3.8% $3,404,821 Goodman Property Trust 4.6% 3.8% $3,380,904 Investore Property 6.3% 3.6% $3,220,353 Property For Industry 4.4% 3.6% $3,219,748 Stride Property Group 6.0% 3.5% $3,107,687 Kiwi Property Group Ltd 5.6% 3.4% $3,052,861 Vital Healthcare Property Trust 4.8% 3.4% $3,030,535 Chorus 6.5% 0.8% $688, continues on next page

8 Property Inflation Portfolio strategy / security 1 yield 2 international shares 31.0% $27,887,725 UDR 2.9% 4.1% $3,710,645 Link 3.5% 4.1% $3,704,617 Avalonbay Communities Inc 2.9% 4.1% $3,688,434 Mid-America Apartment Communities 3.3% 4.1% $3,672,168 Equity Residential 2.9% 4.0% $3,575,578 Public Storage 3.6% 3.7% $3,364,464 Gecina 6.2% 3.5% $3,187,873 Unibail-Rodamco SE & WFD Unibail-Rodamco 9.0% 3.3% $2,983,946 alternative securities 0.5% $414,600 Universa Black Swan Protection Protocol n/a 0.5% $414,600 total economic exposure % $92,015,734 foreign currency exposure 16.3% $14,641, 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. Credit default swaps notional value is currently $44,736, 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

9 Equity Inflation Portfolio strategy / security 1 yield 2 cash and cash equivalents 6.3% $5,696,251 international bonds 24.7% $22,454,743 Floating Rate and Perpetual Bond Strategy 6.7% 23.2% $21,107,358 Credit default swaps - Market value 3 n/a 1.1% $989,596 United States bond futures (short) n/a 0.3% $312,076 Buy Protection US CPI 2.361% 10/07/2023 n/a 0.1% $45,713 international shares 71.2% $64,674,387 Equity index futures (long) n/a 49.8% $45,231,646 Global Banking & Finance Index Strategy 1.7% 13.4% $12,209,270 Impala Resource Fund n/a 8.0% $7,233,471 alternative securities 0.5% $427,997 Universa Black Swan Protection Protocol n/a 0.5% $427,997 total economic exposure % $93,253,378 foreign currency exposure 16.9% $15,351, 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. Credit default swaps notional value is currently $47,967, 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

10 Core Growth Portfolio strategy / security 1 yield 2 cash and cash equivalents 1.0% $868,317 international bonds 2.2% $1,933,996 Credit default swaps - Market value 3 n/a 2.2% $1,933,996 international shares 104.8% $90,961,734 Equity index futures (long) n/a 88.0% $76,418,841 Suvretta Offshore Fund n/a 12.5% $10,896,086 Kynikos Global Capital Partners n/a 4.2% $3,646,807 alternative securities 22.1% $19,218,362 H2O Global Feeder Fund Class C n/a 12.1% $10,540,100 ISAM Systematic Fund n/a 10.0% $8,678,262 total economic exposure % $112,982,409 foreign currency exposure 30.3% $26,346, 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. Credit default swaps notional value is currently $93,744, 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

11 Global Multi-Asset Growth Portfolio strategy / security 1 yield 2 cash and cash equivalents 12.9% $3,693,875 international bonds 2.1% $611,630 Credit default swaps - Market value 3 n/a 2.1% $611,630 international shares 78.7% $22,531,021 Global Metal & Mining Index Strategy 2.4% 23.0% $6,582,328 Global Oil Index Strategy 4.6% 21.7% $6,218,695 Global Agriculture Index Strategy 3.4% 17.4% $4,979,351 Impala Resource Fund n/a 16.6% $4,750,647 alternative securities 10.5% $3,012,403 ISAM Systematic Fund n/a 10.0% $2,853,303 Universa Black Swan Protection Protocol n/a 0.6% $159,100 total economic exposure % $29,848,928 foreign currency exposure 32.0% $9,171, 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. Credit default swaps notional value is currently $29,646, 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

12 Global Equity Growth Portfolio strategy / security 1 yield 2 cash and cash equivalents 1.0% $696,706 international bonds 1.9% $1,292,982 Credit default swaps - Market value 3 n/a 1.9% $1,292,982 international shares 105.9% $73,813,824 LSV Global Concentrated Fund 0.8% 67.7% $47,149,774 Equity index futures (long) n/a 38.3% $26,664,050 alternative securities 0.7% $481,679 Universa Black Swan Protection Protocol n/a 0.7% $481,679 total economic exposure % $76,285,191 foreign currency exposure 33.1% $23,065, 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. Credit default swaps notional value is currently $62,673, 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

13 Dividend and Growth Portfolio strategy / security yield 1 cash and cash equivalents 4.6% $4,735,352 international bonds 0.9% $938,055 Credit default swaps - Market value 2 n/a 0.9% $938,055 australasian shares 96.3% $99,421,025 Fletcher Building 6.8% 13.1% $13,547,788 Rio Tinto PLC ADR 3 5.1% 10.4% $10,683,217 Meridian Energy 7.3% 10.2% $10,547,796 Metlifecare 2.3% 7.7% $7,910,271 Chorus 6.5% 6.0% $6,234,536 Nufarm 2.1% 6.0% $6,223,237 a2 Milk 1.3% 4.9% $5,072,890 Woodside Petroleum 6.0% 4.9% $5,060,162 Tower 5.7% 4.9% $5,047,186 Trade Me 6.0% 4.9% $5,025,303 Z Energy 10.8% 4.8% $4,999,030 Australian futures index exposure n/a 4.4% $4,550,317 Michael Hill International 9.1% 3.1% $3,188, continues on next page

14 Dividend and Growth Portfolio (continued) strategy / security yield 1 australasian shares (continued) Sanford 5.0% 3.0% $3,117,971 Trustpower 8.3% 2.9% $2,981,266 AMP 7.5% 2.7% $2,824,081 Pushpay total return swap (short) n/a 0.9% $931,362 Sky Network Television total return swap (short) n/a 0.9% $885,092 Murray Goulburn Unit Trust n/a 0.6% $590,632 total economic exposure % $105,094,432 foreign currency exposure 0.7% $762, 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. 2. Credit default swaps notional value is currently $46,130, The Rio Tinto PLC ADR is shown as an exposure to Australasian shares, as economically this holding provides a return equivalent to that of a Rio Tinto share which is an Australian share for asset classification purposes. 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

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