AMP Business Superannuation Fund Fact Sheet
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- Gavin Wilkerson
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1 AMP Business Superannuation Fund Fact Sheet 30 September 2014 AMP Business Superannuation provides extensive investor choice and flexibility. It offers access to a comprehensive range of investment portfolios. AMP Business Superannuation is a division of a registered superannuation scheme known as the Superannuation Master Trust ( the Scheme ). The Superannuation Master Trust is a Portfolio Investment Entity (PIE). Managed funds that are PIEs gain the benefit of no capital gains tax for most New Zealand and Australian shares and members are taxed at their Prescribed Investor Rate (PIR). AMP Wealth Management New Zealand Limited (AWMNZL) is responsible for investing the assets of the Superannuation Master Trust. AWMNZL is part of the group of entities in New Zealand, which is collectively known as AMP Financial Services (AFS). AFS governance procedures apply to AWMNZL and AFS makes investment decisions for the Scheme on AWMNZL s behalf. AFS seeks advice and recommendations from AMP Capital Investors (New Zealand) Limited (AMP Capital) about matters concerning the investment management of the Scheme and the underlying wholesale unit trusts into which the Scheme invests, including whether or not to add or remove an underlying fund manager and asset allocation decisions. Please contact your adviser for more information. For the diversified portfolios, international fixed interest exposures are usually fully hedged. However, underlying fund managers are able to take limited active currency positions where they perceive an opportunity to add value. The currency exposures for the growth assets are actively managed. All asset allocations and investment returns are as at 30 September 2014 and are subject to change. There is a choice of: Three diversified portfolios. Each portfolio has a ready-made, well-diversified asset mix so all the complex sector selection work has already been done to provide you with a simple, straightforward approach to investing. Ten sector portfolios, which enable allocation of funds to a range of investment sectors. Diversified Portfolios: Conservative Portfolio The underlying assets of the Conservative Portfolio are invested primarily in lower risk assets such as cash and fixed interest investments plus some higher risk assets such as property and shares. The Portfolio is designed for the shorter-term or the cautious investor. Historically, the returns tend to be steady and there is likely to be a relatively lower degree of fluctuation in the value of investments. 28.8% International Bonds 23.1% New Zealand Bonds 22.9% Commodities 2.9% Property and Infrastructure 7.0% Emerging Markets 2.6% International Shares 7.8% Australasian Shares 4.9% Last year 7.01% Last 2 years (pa) 6.23% Last 3 years (pa) 6.98%
2 Conservative Portfolio Commentary for the quarter ended 30 September 2014 The Conservative Portfolio returned 1.85% gross of tax and net of fees over the quarter. The one-year return was lower than the benchmark of 7.41%. Headlines during the quarter were dominated by the turmoil in the Ukraine, Middle East and Asia, but generally financial markets remained relatively calm. Germany s economy, which had been growing strongly, contracted in the second quarter while Italy slipped into recession for a third time since The combination of low growth with worryingly low inflation paved the way for further easing by the European Central Bank during the quarter. This has fuelled further falls in Eurozone bond yields and consequently Eurozone bonds were among the strongest performers. AMP Capital maintained the benchmark allocation to the broad growth and income asset classes. Also unchanged is the tilt within income assets; an underweight position to global and domestic bonds against an overweight position in cash. Within growth assets the allocations to global and domestic equities, listed property and infrastructure and commodities remain in line with their respective benchmarks. AMP Capital slightly reduced the foreign currency position over the quarter moving it more towards neutral as the Reserve Bank of New Zealand intervened and the New Zealand dollar declined materially. Balanced Portfolio The underlying assets of the Balanced Portfolio are balanced between lower-risk income producing assets (i.e. cash and fixed interest) and higher-risk growth assets (i.e. investments in property, shares, emerging market shares, infrastructure and commodities) aiming for a higher long-term return. 13.9% International Bonds 13.0% New Zealand Bonds 13.0% Commodities 3.6% Property and Infrastructure 11.1% The Portfolio is designed for the medium to long-term investor, who is prepared to accept a higher level of risk in return for the possibility of higher potential growth. Emerging Markets International Shares Australasian Shares 7.6% 15.0% 22.8% Last year 9.97% Last 2 years (pa) 10.28% Last 3 years (pa) 10.61% Balanced Portfolio Commentary for the quarter ended 30 September 2014 The Balanced Portfolio returned 2.44% gross of tax and net of fees over the quarter, which was 0.69% higher than the benchmark. The one year return was 9.97%. Global equity markets rallied again during most of the third quarter, led by the US stock market at first and the Pacific markets afterward. Investors recognised the encouraging economic data coming from the US in July and August, while the pace of recovery in Japan following the tax hike was disappointing and raised concerns. But the situation reversed in September and Japanese equities bounced back thanks to a weak yen and prospect of structural reforms. The news wasn t entirely supportive in the US, as stocks fell when an upward revision to the gross domestic product growth sparked renewed speculation that the Fed could raise interest rates before the middle of next year. Over the September quarter, AMP Capital maintained their benchmark allocation to income and growth assets. Within income assets AMP Capital still favours cash over domestic and global bonds, and while bond yields have fallen recently, the trajectory for rates will likely be upwards over the medium term. This will mean higher yields but also tempered total returns. Within growth assets AMP Capital continues to believe that developed equity markets appear to be fairly valued. There still appears to be value in emerging markets, however emerging markets rarely outperform when developed markets struggle. The one tactical change AMP Capital implemented over the quarter was to slightly reduce the foreign currency exposure back towards neutral, banking some of the gains made from the falling New Zealand dollar. AMP Capital still maintains an overweight foreign currency position as they believe the New Zealand dollar is overvalued despite the recent decline.
3 High Growth Portfolio The High Growth Portfolio is primarily invested in a mix of shares, which traditionally tend to outperform other investment classes over the long-term, though can exhibit significant fluctuation in value over the short-term. The shares are domiciled in a range of geographies including global developed markets, emerging nations and domestically. The Portfolio also has a holding in property. A range of bonds and cash provide diversification to the Portfolio. 10.2% International Bonds 5.0% New Zealand Bonds 4.9% Commodities 5.0% Property and Infrastructure 13.9% Emerging Markets 10.6% The Portfolio is designed for the long-term investor, who is prepared to accept a high level of risk in return for the possibility of greater potential growth. International Shares Australasian Shares 19.0% 31.4% Last year 11.62% Last 2 years (pa) 12.86% Last 3 years (pa) 12.83% High Growth Portfolio Commentary for the quarter ended 30 September September2014 The High Growth Portfolio returned 2.63% gross of tax and net of fees over the quarter, which was 0.80% higher than the benchmark. The one year return was 11.62%. Global equity markets ended mixed over the quarter. The US led the way forward with largely robust economic data while European and UK markets lagged, finishing in negative territory. Overall, the MSCI World index finished up 0.8% over the quarter. European markets underperformed as economic data suggested that the recovery was stalling. The market also took a hit as sanctions on Russia were stepped up and as concerns rose that Portugal s largest lender could require state assistance. At the end of the period, investors focused their attention on geopolitical flashpoints in Russia and the Middle East, while uncertainty over the outlook for Eurozone and Chinese growth was also cause for concern. Closer to home, the Reserve Bank of New Zealand hiked rates in July then settled in for a period of assessment to gauge how the cumulative 1% rate rises they delivered would impact the economy. AMP Capital maintained the benchmark allocation between growth and income asset classes. Also unchanged is the tilt within income assets; an underweight position to global and domestic bonds against an overweight position in cash. Equity markets, with the exception of emerging markets, appear fairly valued. There does appear value in emerging markets, however their direction is likely to depend on developed markets. The one tactical change AMP Capital implemented over the quarter was to slightly reduce the foreign currency exposure, banking some of the gains made from the falling New Zealand dollar. AMP Capital still maintains a foreign currency position as they believe the New Zealand dollar is overvalued despite the recent decline. Sector Portfolios: Note: Investment performance of the Portfolio is more likely to reflect the ANZ 90-Day Bank Bill Index than retail bank deposits. The Portfolio provides 100% exposure to cash sector investments. The underlying assets of the Portfolio include cash and short-term debt securities issued in New Zealand. Deposits and derivative contracts may be held. Short-term with lower risk. The benefit of seeking lower but steady returns from these types of investments is that there is likely to be a low degree of fluctuation in the value of your investment. Term Deposit 81.5% Promissory Note 11.2% Floating Rate Notes 3.3% Short Term Bond 4.0% Last year 3.02% Last 2 years (pa) 3.08% Last 3 years (pa) 3.05%
4 Portfolio Commentary for the quarter ended 30 September The Portfolio returned 0.91% gross of tax and net of fees over the quarter, which was equal to the benchmark. The one-year return was 3.02%. The 90 day bank bill index returned close to 1% in the third quarter with a further 0.25% hike by the Reserve Bank of New Zealand. They also signalled that they would pause their rate hikes for a period as they assessed the impact of the hikes and the likely future path of the economy. AMP Capital continues to invest in a highly liquid mix of term deposits, commercial paper, short term bonds and floating rate notes. These investments generated further outperformance for the fund over the benchmark during the quarter. However, the yield spread for these assets over equivalent maturity bank bills continued to reduce, which the manager believes is likely to continue in the period ahead. Looking ahead, as AMP Capital believes the yield spreads on term deposits will continue to narrow they have been replacing them with a mixture of bank bills and bank floating rate notes. New Zealand Fixed Interest The underlying assets of the Portfolio may include New Zealand Government, local authority and corporate sector fixed interest securities, preference shares, debentures and unsecured loan stock issued by New Zealand corporations. Short/medium term with lower risk. The benefit of seeking lower but steady returns from these types of investments is that there is likely to be a relatively lower degree of fluctuation in the value of your investment. Maturity Profile as at 30 September days 3-6 months 6-12 months 0.8% 0.5% 0.5% 2.4% 1-2 years 7.9% 2-5 years 36.5% 5-10 years 44.4% 10+ years 7.0% Last year 5.35% Last 2 years (pa) 2.47% Last 3 years (pa) 4.08% International Fixed Interest The underlying assets of the Portfolio include fixed interest securities which are issued by governments and companies in countries within the benchmark index. Investing in international fixed interest investments carries a medium degree of risk that the value of your investment may fall, particularly in the short-term. The two main risks are: interest rate risk (if interest rates generally rise, the capital value may fall) and credit risk, which is the risk that a counterparty/issuer fails to honour its payments either in whole or in part. CASH 0.6% OTHERS 6.8% 40.8% UNITED KINGDOM 3.2% EUROPE EX UK 29.3% JAPAN 6.4% ASIA EX JAPAN 3.8% AUSTRALIA 5.6% NEW ZEALAND 3.5% Last year 6.05% Last 2 years (pa) 4.79% Last 3 years (pa) 5.87%
5 Listed New Zealand and Australian Property The underlying assets of the Portfolio include property-backed units and shares listed on the New Zealand and Australian Stock Exchanges across the retail, commercial and industrial sectors. The Portfolio is focussed on taking advantage of market and pricing inefficiencies. 3.4% Medium/long term with medium degree of risk that the value of your investment may fall. There may be a significant degree of fluctuation in the value of your investment. Aust Listed Property Trusts NZ Listed Property Trusts 13.3% 83.3% Last year 12.32% Last 2 years (pa) 11.27% Last 3 years (pa) 13.41% Listed International Property The underlying assets of the Portfolio include property-backed listed shares. The Portfolio is broadly diversified across benchmark countries and sectors including industrial, residential, office and retail properties and aims to hold between 50 and 90 individual shares. CASH -1.6% 65.6% UNITED KINGDOM 10.5% EUROPE EX UK 7.9% Medium/long term with a medium degree of risk that the value of your investment may fall. There may be a significant degree of fluctuation in the value of your investment. JAPAN ASIA EX JAPAN AUSTRALIA NEW ZEALAND 7.9% 3.7% 5.4% 0.6% Investment returns as at 30 September 2014* Last year 14.70% Last 2 years (pa) 13.63% Last 3 years (pa) 17.59%
6 New Zealand and Australian Shares (Multi- Manager) The underlying assets of the Portfolio include shares issued in New Zealand and Australia. The fund managers policies are to generally remain fully invested in a diversified portfolio of shares. However, for liquidity management purposes, a small amount of the Portfolio may be retained in cash and short-term money market securities. Top Six Stock Holdings as at 30 September 2014 Company Country Exposure Fletcher Building Ltd New Zealand 5.4% BHP Billiton Ltd Australia 4.4% Spark New Zealand Ltd New Zealand 4.3% Commonwealth Bank of Australia Australia 3.9% Westpac Banking Corp Australia 3.5% National Australia Bank Ltd Australia 3.3% Long-term with high risk. The value of your investment is likely to fluctuate. This may result in you experiencing a period of negative returns from time to time. The risk of you experiencing a loss from your investment is increased if you invest for a shorter period of time. Last year 8.77% Last 2 years (pa) 13.04% Last 3 years (pa) 13.15% New Zealand and Australian Shares (Value) The underlying assets of the Portfolio include shares issued in New Zealand and Australia. The fund manager s policy is to remain fully invested at all times in shares, which exhibit strong fundamental value. However, for liquidity management purposes, a small amount may be retained in cash and shortterm money market securities. Top Six Stock Holdings as at 30 September 2014 Company Country Exposure Fletcher Building Ltd New Zealand 12.6% Spark New Zealand Ltd New Zealand 7.7% Metlifecare Ltd New Zealand 5.5% Auckland International Airport New Zealand 5.1% ResMed Inc United States 4.8% Meridian Energy Ltd New Zealand 4.4% Long-term with high risk. The value of your investment is likely to fluctuate. This may result in you experiencing a period of negative returns from time to time. The risk of you experiencing a loss from your investment is increased if you invest for a shorter period of time. Last year 19.89% Last 2 years (pa) 21.73% Last 3 years (pa) 18.89% International Shares (Growth) The underlying assets of the Portfolio include shares of listed companies on the stock exchanges of countries throughout the world. The currency exposure of the Portfolio is actively managed and is generally 50% hedged in New Zealand dollars. CASH 6.4% OTHERS 12.1% 51.8% Long-term with high risk. The value of your investment is likely to fluctuate. This may result in you experiencing a period of negative returns from time-to-time. The risk of you experiencing a loss from your investment is increased if you invest for a shorter period of time. UNITED KINGDOM EUROPE EX UK ASIA EX JAPAN 3.0% 11.5% 15.2% Last year 21.28% Last 2 years (pa) 24.11% Last 3 years (pa) 22.31%
7 International Shares (Value) The underlying assets of the Portfolio include international shares drawn primarily from the stock exchanges of developed nations and emerging markets. The currency exposure of the Portfolio is actively managed and is generally 50% hedged in New Zealand dollars. CASH 0.5% OTHERS 2.0% 44.7% UNITED KINGDOM 7.0% EUROPE EX UK 11.9% Long-term with high risk. The value of your investment is likely to fluctuate. This may result in you experiencing a period of negative returns from time-to-time. The risk of you experiencing a loss from your investment is increased if you invest for a shorter period of time. JAPAN ASIA EX JAPAN AUSTRALIA 2.0% 8.0% 23.9% Last year 15.83% Last 2 years (pa) 25.68% Last 3 years (pa) 19.31% International Shares (Passive) The underlying assets of the Portfolio are international shares that comprise the Morgan Stanley Capital International World Index Ex New Zealand (MSCI). The fund manager s ability to make transactions under this Passive investment strategy is limited to re-balancing to track the MSCI, to fund withdrawals, to buy additional securities when applications are received and to meet expenses and costs. The currency exposure of the Portfolio is actively managed and is generally 50% hedged in New Zealand dollars. Long-term with high risk. The value of your investment is likely to fluctuate. This may result in you experiencing a period of negative returns from time-to-time. The risk of you experiencing a loss from your investment is increased if you invest for a shorter period of time. CASH 1.6% OTHERS 0.2% 59.6% UNITED KINGDOM 8.2% EUROPE EX UK 17.5% JAPAN 8.2% ASIA EX JAPAN 1.7% AUSTRALIA 2.9% NEW ZEALAND 0.1% Last year 15.65% Last 2 years (pa) 19.05% Last 3 years (pa) 18.63% * Disclaimer: The performance figures shown are historical returns and are net of Investment Management Fees and Trustee expenses, but are gross of PIE tax, Administration Fees, Service Fees and Insurance Premiums. Returns of 2 years or more have been annualised. Past performance is not necessarily indicative of future performance and the performance of, or returns from, the Portfolios, are not guaranteed by any party. Investments in the Portfolios are subject to investment risk including possible loss of income or principal invested. This information has been prepared to provide you with general information only and is subject to change. It is not intended to take the place of professional advice and you should not take action on specific issues based on this information. In preparing this information we did not take into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision you need to consider, with or without the assistance of a financial adviser, whether this information is appropriate to your needs, objectives and circumstances. This information has been derived from sources believed to be accurate at the time of issue, however, none of AMP Wealth Management New Zealand Limited, New Zealand Permanent Trustees Limited, the underlying fund managers, any of their related companies, their directors or any other person guarantees the Portfolios, any investment in the Portfolios, or any returns on an investment in the Portfolios, or gives any warranty of reliability or accuracy, or accepts any responsibility arising in any way including from any error or omission. This information is provided for people living in New Zealand only and is not provided for the use of any person in any other country. The process used in calculating the performance benchmarks includes the investment composition before and after the changes made in June The impact of future economic conditions cannot be predicted with any certainty. From time-to-time there may be negative returns in the Portfolios and the negative returns may continue for a period of time. There can be no assurance that future economic conditions will not materially and adversely affect your investment. For you this means that the value of your investment may fluctuate and could be less than the original investment. These fluctuations may be material. Before you decide how you want to invest your savings, we recommend you talk to your financial adviser. A disclosure statement is available from your financial adviser, on request and free of charge. For a copy of the AMP Business Superannuation investment statement please call our customer service team on
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