NZ Funds Managed Portfolio Service

Transcription

1 NZ Funds Managed Portfolio Service Annual Report for the year ended 31 March 2018 Prepared by New Zealand Funds Management Limited

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3 annual report 2 details of the schemes 3 information on contributions and scheme participants 4 changes relating to the schemes 5 other information for particular types of managed funds 6 changes to persons involved in the schemes 7 how to find further information 7 contact details and complaints 8 nz funds managed portfolio service : : 20 8 annual report 1

4 Annual Report FOR THE YEAR ENDED 31 MARCH 2018 PREPARED ON 30 JULY

5 Details of the Schemes The NZ Funds Managed Portfolio Service comprises 10 funds established within two managed investment schemes the NZ Funds Managed Portfolio Service Part One scheme and the NZ Funds Managed Portfolio Service Part Two scheme (the Schemes ). This Annual Report relates to both Schemes. The funds established within each Scheme are: SCHEME NZ Funds Managed Portfolio Service Part One NZ Funds Managed Portfolio Service Part Two FUND Core Inflation Portfolio Equity Inflation Portfolio Core Cash Portfolio Core Income Portfolio Global Income Portfolio Property Inflation Portfolio Core Growth Portfolio Global Multi-Asset Growth Portfolio Global Equity Growth Portfolio Dividend and Growth Portfolio TYPE OF SCHEME Managed Funds MANAGER New Zealand Funds Management Limited (NZ Funds) SUPERVISOR The New Zealand Guardian Trust Company Limited PRODUCT DISCLOSURE STATEMENT (PDS) The latest PDS open for applications is dated 20 December FUND UPDATES The latest fund updates for each of the funds for the quarter ended 30 June 2018 were made publicly available on 27 July FINANCIAL STATEMENTS AND AUDITOR S REPORT The Schemes latest financial statements for the accounting period 1 April 2017 to 31 March 2018 and auditor s report were lodged with the Registrar on 24 July nz funds managed portfolio service : : 20 8 annual report 3

6 Information on contributions and scheme participants UNITS ON ISSUE The table below shows the number of units on issue for each fund at the start and end of the year. UNITS ON ISSUE AT 1 APRIL 2017 UNITS ON ISSUE AT 31 MARCH 2018 Core Cash Portfolio 44,198,507 35,958,954 Core Income Portfolio 88,271,157 84,569,774 Global Income Portfolio 82,169,992 81,170,022 Core Inflation Portfolio 94,927,624 81,752,917 Property Inflation Portfolio 54,535,281 57,811,042 Equity Inflation Portfolio 94,115, ,025,287 Core Growth Portfolio 68,813,458 57,038,527 Global Multi-Asset Growth Portfolio 52,923,519 44,536,960 Global Equity Growth Portfolio 40,698,725 40,394,292 Dividend and Growth Portfolio 45,571,014 51,093,224 4

7 Changes relating to the Schemes This section provides information on material changes which occurred to the Schemes during the year ended 31 March GOVERNING DOCUMENTS There were no changes to the Schemes trust deeds during the year. TERMS OF OFFER OF INTERESTS IN THE SCHEMES On 20 December 2017, the notice period for withdrawals was reduced from 63 to 21 days and the notice period for switches was removed. STATEMENT OF INVESTMENT POLICY AND OBJECTIVES (SIPO) On 17 August 2017, the SIPO was updated to note that the Global Multi-Asset Growth Portfolio may gain exposure to commodities indirectly via holding commodity-related equities. On 20 September 2017, the SIPO was updated to add two new policies (Investment Guidelines Policy and Responsible Investment Policy) to the Investment Policies section and to update the Glossary. On 20 December 2017, the SIPO was updated to make minor changes to the investment strategy summaries, to include a new section on NZ Funds active management of foreign currency exposure, to change the comparative market index for the Global Multi-Asset Growth Portfolio, and to update the Glossary. RELATED PARTY TRANSACTIONS There were no material changes to the nature or scale of related party transactions for the Schemes. All related party transactions during the year were conducted on arm s-length terms. nz funds managed portfolio service : : 20 8 annual report 5

8 Other information for particular types of managed funds The unit prices for the funds at the start and the end of the accounting period were: UNIT PRICE AT 1 APRIL 2017 ($) UNIT PRICE AT 31 MARCH 2018 ($) Core Cash Portfolio Core Income Portfolio Global Income Portfolio Core Inflation Portfolio Property Inflation Portfolio Equity Inflation Portfolio Core Growth Portfolio Global Multi-Asset Growth Portfolio Global Equity Growth Portfolio Dividend and Growth Portfolio

9 Changes to persons involved in the Schemes There were no changes to the manager, the supervisor, or the auditor of the Schemes during the year ended 31 March The following changes to the directors of the Manager occurred during the year: Philip James Doak resigned as a director on 1 September Glenn Keith Wright resigned as a director on 1 September There were no changes to the key personnel of the Manager, or the directors of the Supervisor. How to find further information Each Scheme s trust deed, the SIPO and financial statements are available on the scheme register on the Disclose website at disclose-register.companiesoffice.govt.nz. The PDS, quarterly fund updates, and other material information for the Schemes is available on the offer register on the Disclose website at disclose-register.companiesoffice.govt.nz. Information relating to the Schemes and the funds (such as the current PDS, quarterly fund updates, annual report and SIPO) is also available on our website at You may request a copy of the above information from us, free of charge, at the contact details on page 8. nz funds managed portfolio service : : 20 8 annual report 7

10 Contact details and complaints MANAGER New Zealand Funds Management Limited Level 16, Zurich House 21 Queen Street Private Bag Auckland 1142 Attention: Head of Client Services T or E. SUPERVISOR Attention: NZ Funds Relationship Manager The New Zealand Guardian Trust Company Limited Level 14, 191 Queen Street PO Box 274 Auckland 1140 T E. COMPLAINTS In the first instance, please contact the Manager using the contact details above. Complaints about an investment can also be made direct to the Supervisor. The Manager and the Supervisor are both members of an approved dispute resolution scheme run by Financial Services Complaints Limited (FSCL). If your complaint has not been resolved to your satisfaction, you can contact FSCL. DISPUTE RESOLUTION SCHEME Attention: Early Assistance Officer Financial Services Complaints Limited PO Box 5967 Wellington 6145 T or E. W. FSCL will not charge a fee to any complainant to investigate or resolve a complaint. 8

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12 new zealand funds management limited auckland Level 16, Zurich House 21 Queen Street Private Bag 92163, Auckland 1142 New Zealand P E.