KiwiSaver Performance Survey March Quarter 2011
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1 KiwiSaver Performance Survey March Quarter 2011 Markets ignore natural disasters and economic uncertainty as KiwiSaver funds produce another quarter of strong results. Chris Douglas 27-Apr-11 Morningstar has released its quarterly KiwiSaver Performance Survey, designed to help New Zealand investors assess the performance of their KiwiSaver superannuation options. The accompanying tables show KiwiSaver fund returns for the three and six months and one, two, and three years to 31 March There are no fund additions this quarter, but there has been some corporate activity. Fisher Funds announced its plans to purchase the Huljich KiwiSaver business on 31 March To see the effect this has had on Fisher's assets, check out the Under Management section of the survey. Market Overview Share and fixed income markets posted strong results during the first quarter of This was despite a host of bad news which included the Christchurch earthquake, the earthquake and tsunami in Japan, continuing uncertainties around debt levels in Europe, and reports that the United States will need to enter a third round of quantitative easing. It's therefore perhaps surprising that almost all asset classes enjoyed strong performance, which also flowed through to the performance of KiwiSaver funds. All the major asset classes produced positive results for first three months of 2011, continuing the solid showing in The NZX50 Index of Kiwi shares was up a very reasonable 3.95 percent over the March quarter, although the New Zealand sharemarket lagged most global counterparts. The Australian market produced a 6.66 percent return over the three months to 31 March Global sharemarkets overall were up an impressive 7.33 percent over the same period. While both domestic and global bond markets trailed sharemarkets, they still produced returns of 2.21 and 0.50 percent respectively. Global listed property, the best-performing sector in 2010, continued its performance run in 2011, up an impressive 9.14 percent over the three months to 31 March Fund Manager Results The strong returns from sharemarkets resulted in KiwiSaver funds with higher exposures to growth assets (shares and property) outperforming those with more invested in income assets (cash and fixed income) over the March quarter. Singlesector equities and Multi-Sector and Aggressive options were the best performers over the first three months of 2011, again continuing the trend from 2010.
2 What will be especially interesting for regular readers is that despite the continued strong market performance, last year's best-performing KiwiSaver funds were not necessarily the top performers for the March quarter. ASB KiwiSaver, Fidelity KiwiSaver, Grosvenor KiwiSaver, and Westpac KiwiSaver were the best-performing multi-sector options in the first three months of Looking out over three years is of course a better indicator of a fund manager's performance record. But there still are not any clear patterns, given the highly-volatile performance period from 1 April March The best-performing multi-sector fund has been Fisher Funds KiwiSaver, streaks ahead of peers over a three-year period. Aon has the number two and three spots, Aon KiwiSaver OnePath Balanced and Aon KiwiSaver Russell Lifepoints Conservative the next best performers. Fisher Funds resides in the Multi- Sector Aggressive category, while the aforementioned Aon KiwiSaver funds are in the Multi-Sector Balanced and Conservative categories respectively. This illustrates how the last three years have produced a host of investment opportunities for fund managers, regardless of the particular fund's risk profile. Of the single-sector options, global share funds led the charge over the March quarter and were among the best-performing KiwiSaver options. This is not surprising given that world sharemarkets were north of 7.30 percent on aggregate for the period. The strongest performances were generated by SIL KiwiSaver International and SIL KiwiSaver Australasian, alongside Grosvenor International Share. But top of the list again was Fidelity KiwiSaver Options Kiwi, which was the best-performing KiwiSaver fund on our database over the quarter and remains the best performer over the three years. These single-sector funds represent very different choices ranging from lower-risk fixed interest to more volatile equities and derivatives-based vehicles. Investors who allocate here need to do so fully-aware of the risks. Why is Asset Allocation So Important? Asset allocation, or the mixture of underlying asset classes, is one of the most important decisions to make when selecting a KiwiSaver option. (The other is fees.) Table 1 over shows asset allocation data for the KiwiSaver funds in the Multi-Sector Balanced category. These are the options which have percent in growth assets, taken from a fund's stated longterm strategic asset allocation in its Investment Statement. We also collect regular asset allocation data from fund managers to see how active this decision is. As the table shows, not all fund managers are willing to provide this data to Morningstar. However, we believe that it is critical information for anyone wanting to understand the nature of a KiwiSaver fund, its risk/return characteristics, and likely volatility. Only a handful of fund managers have had exposure to the bestperforming sector of the past 12 months, listed property. The 'Listed Property' column in Table 1 over includes both New Zealand and global listed property. What it doesn't show, though, is that ASB KiwiSaver Balanced and FC KiwiSaver Tracker Balanced's 9.92 percent exposure is all in global property, which has helped both options to produce top-quartile results over the past 12 months. Not having exposure to this asset class and having a high New Zealand bias would have resulted in poor results, as global markets have tended to outperform the domestic market. (Hedging of offshore holdings is another important issue, but we'll save this one for another time.) As Table 1 shows, while most of these Multi-Sector Balanced funds have percent of their money in income assets, and the remainder in growth, the divergence within each sector can be substantial, and can go a long way to explaining performance differentials between funds. (The 'Other' column is a mix of hedge funds, alternative assets, and unlisted infrastructure exposures.) 2
3 Table 1: Multi-Sector Balanced KiwiSaver Fund Asset Allocations by Asset Class Fund Name Ticker Date Cash & NZ Fixed Interest Int'l Fixed Interest Unlisted Property Listed Property Aust'n Equity Int'l Equity Other 1 Yr Return % AMP KiwiSaver LS Balanced Dec AMP KiwiSaver LS Moderate Bal Dec AMP KiwiSaver TOWER Bal Dec ANZ KiwiSaver-Balanced Feb Aon KiwiSaver OnePath Bal Aon KiwiSaver Russell Lpoints Aon KiwiSaver Russell Lpoints Bal ASB KiwiSaver Scheme's Bal Mar AXA KiwiSaver Balanced Dec Brook Professional KiwiSaver Bal Feb FC KiwiSaver Scheme's Active Bal FC KiwiSaver Scheme's Tracker Bal Mar Fidelity KiwiSaver-Balanced Kiwi Dec Fidelity KiwiSaver-Ethical Kiwi Dec Forsyth Barr KiwiSaver Bal Mar Grosvenor KiwiSaver Bal Dec Huljich Balanced Diversified Mar Mercer KiwiSaver Bal Mar Mercer Super Trust KiwiSaver Mod Mar Milford KiwiSaver Bal Dec N.Ap. National Bank KiwiSaver-Bal Feb OnePath KiwiSaver-Bal Feb SIL KiwiSaver-Bal Feb TOWER KiwiSaver Bal Mar Westpac KiwiSaver-Bal Dec Source: Fund managers. N.Ap. = not applicable. 3
4 After-Tax Returns Are Coming: Watch This Space Morningstar will be producing after-tax returns for all KiwiSaver funds on our database from next month. We will continue to produce our KiwiSaver survey on a gross of tax, net of fee basis, but will enable readers to compare this with the after-tax performance of each vehicle. Our Data team has been finalising our methodology document and working with the industry on the appropriate framework. This is now almost complete. You can read about this in the KiwiSaver Performance Survey methodology document attached. Under Management KiwiSaver assets on the Morningstar database have grown from NZ$ million at 30 June 2008 to NZ$8.07 billion at 31 March 2011, a phenomenal growth rate for the New Zealand funds management industry. The latest major development has been Fisher Funds' acquisition of the Huljich KiwiSaver business. According to our fund size figures, the combined business will have NZ$ million in KiwiSaver assets, almost doubling the size of Fisher's KiwiSaver assets. This did little, however, to change the absolute rankings by assets of KiwiSaver provider, although Fisher Funds is now just short of a number of default providers. OnePath and ASB remained the dominant players at 31 March 2011, with 45.0 percent of KiwiSaver assets between them. After AMP and Westpac was a tight group hovering about six to seven percent. About This Survey This survey groups KiwiSaver options according to their mix of income and growth assets, known as their 'asset allocation'. This is one of the most important decisions to make when saving for retirement income. The term 'income assets' refers to cash and fixed interest securities which generally produce stable and reliable returns, but offer little opportunity for long-term capital growth. Returns from 'growth assets' such as property and shares will be erratic as recent market volatility has demonstrated but have over time shown greater capacity for increasing in value. The mixture of income and growth assets is the major determinant of potential return and volatility. Investors may notice differences between the returns published in this survey and those they see in other sources. There are several possible reasons for this. Firstly, the returns published here are all after fees, but before tax. Secondly, we take the associated tax credit into consideration when calculating and publishing these returns, while some fund managers base their published performance figures on month-end unit prices only. K Chris Douglas is Co-Head of Fund Research with Morningstar Australasia. 4
5 Copyright, Disclaimer & Other Information Use of this report by subscribers is subject to the terms and conditions of the Morningstar Services Licence Agreement including but not limited to the Morningstar copyright, disclaimer and disclosure conditions below. Copyright The material contained in this document is copyright of Morningstar, Inc., its licensors and any related bodies corporate that are involved in the document's creation. All rights reserved. Except as permitted by the Copyright Act 1994, you may not reproduce, transmit, disseminate, sell or publish this information without the written consent of Morningstar, Inc. If not included in your Morningstar Services License Agreement, written consent can be requested by contacting your Morningstar representative.. Trademarks Morningstar and the Morningstar logo are registered trademarks of Morningstar, Inc. Disclaimer All care has been taken in preparing this report and any economic commentary, asset allocations, portfolio building strategies, and managed investments data, ratings and commentary contained within it but to the extent that any content is based on information received from other parties, no liability is accepted by Morningstar for errors contained in the content or omissions from the content. Morningstar gives neither guarantee nor warranty nor makes any representation as to the correctness or completeness of the report. Morningstar bases its data, ratings and commentary on information disclosed to it by investment product providers and on past performance of products. Past performance is no guarantee of future performance. To the extent that any of information contained herein constitutes advice, it is not personalised advice and has been prepared by Morningstar Research Limited (a subsidiary of Morningstar, Inc.) without reference to your objectives, financial situation or needs. You should consider the advice in light of these matters and, if applicable, the relevant Investment Statement before making any decision to invest. Neither Morningstar nor Morningstar's employees can provide you with personalised financial advice. To obtain advice tailored to your particular circumstances, please contact a professional financial adviser. Disclosure Morningstar Research Ltd has no debt or equity relationship with any managed investment company or financial advisory group, neither does Morningstar offer or participate in investment management or financial advisory activities nor charge managed investment companies to be researched or rated. Morningstar may have an interest in the products referred to in this report in that Morningstar and/or its staff may hold or intend to hold deposits, shares, units or other rights in respect of such products and from time to time, Morningstar may provide some of the investment product providers mentioned in this report with research, software, consulting and other services for a fee. More Information Queries regarding licensing and the report content should be directed to Morningstar Client Services at helpdesk.nz@morningstar.com 5
6 KiwiSaver Performance Survey - Returns to 31 March 2011 Please note: Past performance is not a guide to future performance. This year s best performers can easily be next year s worst. Understanding your risk profile, and the mix of growth and income assets is critical. Fees are the one constant that will always eat away at your returns. Take a close look at the cost of your KiwiSaver Scheme. Default Options Fee AMP Default Fund ASB Scheme's Cnsrv (Default) AXA Income Plus (Default) Mercer Conservative (Default)* OnePath Conservative (Default) TOWER Cash Enhanced (Default) Peer Group Averages Fee ** Default Options Conservative Moderate Balanced Aggressive Multisector Options Conservative Fee AMP Default Fund (13) 2.97 (4) 4.74 (11) 5.96 (12) 4.49 (12) ANZ Conservative (9) 2.37 (11) 5.72 (5) 8.01 (7) 5.39 (10) Aon Russell Lifepoints Cnsrv (10) 2.35 (13) 8.29 (1) (1) 7.11 (1) Und. ASB Scheme's Cnsrv (Default) (4) 2.41 (8) 5.49 (8) 7.67 (9) 5.55 (5) AXA Income Plus (Default) (5) 2.88 (5) 5.83 (3) 9.91 (3) 5.72 (4) FC Scheme's Tracker Cnsrv (6) 2.37 (10) 5.42 (9) 7.62 (10) 5.55 (6) Fidelity Capital Guarant Kiwi (11) 2.14 (14) 4.48 (13) 5.47 (13) Fidelity Conservative Kiwi Fd (2) 3.05 (3) 5.59 (7) 9.44 (4) 5.82 (3) Fisher Funds Conservative Fund (1) 3.31 (1) 5.21 (10) Mercer Conservative (Default)* (15) 1.51 (15) 4.33 (14) (2) 5.83 (2) National Bank Conservative (8) 2.36 (12) 5.71 (6) 8.07 (6) 5.43 (9) OnePath Conservative (Default) (3) 2.43 (7) 6.06 (2) 7.99 (8) 5.49 (8) SIL Conservative (7) 2.39 (9) 5.78 (4) 8.11 (5) 5.53 (7) Smartshares Conservative (14) 3.06 (2) 3.68 (15) 5.16 (14) 3.39 (13) 0.85%/$ TOWER Cash Enhanced (Default) (12) 2.50 (6) 4.72 (12) 7.56 (11) 4.80 (11) Average * Moderate Fee AMP LS Conservative Fund (15) 2.60 (14) 5.55 (14) 6.40 (17) 6.16 (2) AMP LS Moderate Fund (16) 3.56 (10) 5.83 (11) 7.80 (16) 4.45 (15) ANZ Conservative Balanced (8) 3.95 (7) 6.56 (8) (10) 5.09 (9) Aon Russell Lifepoints (13) 3.46 (11) 8.50 (2) (2) 6.18 (1) Und. Aon Russell Lifepoints Mod (14) 4.15 (4) 8.60 (1) (1) 5.74 (4) Und. ASB Scheme's Moderate (2) 4.21 (2) 7.07 (3) (4) 4.89 (12) AXA Conservative (10) 3.28 (12) 6.34 (10) (11) FC Scheme's Active Cnsrv (5) 3.23 (13) 5.10 (15) (12) 5.46 (5) Und. FC Scheme's Tracker Moderat (3) 4.17 (3) 6.99 (4) (5) 4.71 (14) Grosvenor Conservative Fund (1) 2.53 (16) 5.63 (13) 9.15 (14) 5.87 (3) Huljich Conservative Divers Fd (11) 1.95 (18) 0.63 (18) 6.12 (18) Mercer Super Trust Conserv* (18) 2.27 (17) 4.72 (17) (6) 4.73 (13) National Bank Conservatve Bal (7) 3.96 (6) 6.61 (7) (9) 5.09 (8) OnePath Conservative Balanced (4) 3.90 (8) 6.65 (6) (13) 4.89 (11) SIL Conservative Balanced (6) 3.98 (5) 6.69 (5) (7) 5.28 (7) Smartshares Balanced (17) 4.25 (1) 4.95 (16) (3) 2.24 (16) 0.85%/$ TOWER Conservative (12) 2.53 (15) 5.69 (12) (8) 5.02 (10) Westpac Conservative Fund (9) 3.82 (9) 6.41 (9) 8.46 (15) 5.30 (6) Average *
7 KiwiSaver Performance Survey - Returns to 31 March 2011 Balanced Fee AMP LS Balanced Fund (25) 4.87 (15) 6.29 (12) (20) 3.18 (21) AMP LS Moderate Balanced Fund (24) 4.53 (18) 6.14 (14) 9.25 (21) 3.46 (19) AMP TOWER Balanced Fund (23) 4.24 (19) 6.11 (15) (17) 3.79 (17) ANZ Balanced (10) 5.42 (10) 7.21 (9) (13) 4.67 (8) Aon OnePath Balanced (16) 5.67 (6) 8.33 (4) (3) 7.33 (1) Und. Aon Russell Lifepoints (22) 5.20 (12) 8.71 (2) (2) 4.35 (9) Und. Aon Russell Lifepoints Bal (21) 6.00 (5) 8.92 (1) (1) 4.02 (13) Und. ASB Scheme's Balanced (2) 6.33 (2) 7.84 (5) (6) 3.90 (15) AXA Balanced (11) 6.31 (3) 7.15 (10) (5) 4.35 (10) Brook Professional Balanced Fd (17) 4.14 (22) 1.56 (22) 7.02 (23) 4.03 (12) FC Scheme's Active Balanced (5) 5.43 (9) 5.67 (17) (9) 3.72 (18) Und. FC Scheme's Tracker Balancd (3) 6.29 (4) 7.75 (6) (7) 3.85 (16) Fidelity Balanced Kiwi Fund (7) 4.68 (16) 5.15 (18) (18) 5.87 (2) Fidelity Ethical Kiwi (12) 4.22 (20) 5.08 (19) (19) Forsyth Barr Balanced Port (20) 3.80 (24) 1.49 (23) 7.48 (22) Grosvenor Balanced Fund (1) 4.15 (21) 4.93 (20) (16) 5.20 (5) Huljich Balanced Diversified (18) 1.95 (25) (24) 6.09 (24) Mercer Balanced* (15) 4.88 (14) 6.22 (13) (4) 3.41 (20) Mercer Super Trust Moderate* (19) 4.04 (23) 4.92 (21) (8) 5.29 (3) Milford Balanced (13) 5.10 (13) National Bank Balanced (9) 5.45 (8) 7.23 (7) (12) 4.72 (7) OnePath Balanced (6) 5.37 (11) 7.10 (11) (15) 4.11 (11) SIL Balanced (8) 5.48 (7) 7.23 (8) (11) 4.90 (6) TOWER Balanced (14) 4.58 (17) 6.10 (16) (10) 4.00 (14) Westpac Balanced Fund (4) 7.51 (1) 8.61 (3) (14) 5.22 (4) Average * Fee AMP LS Fund (26) 6.53 (16) 6.77 (17) (23) 0.87 (23) AMP OnePath Balanced Plus Fund (20) 6.41 (17) 8.03 (10) (16) 4.82 (1) AMP Tyndall Balanced Fund (18) 5.04 (23) 6.66 (18) (22) 3.30 (13) ANZ Balanced (15) 7.02 (12) 7.89 (12) (12) 4.17 (5) ANZ (6) 8.56 (3) 8.36 (7) (6) 3.48 (9) Aon Russell Lifepoints (25) 6.70 (15) 8.88 (4) (2) 2.85 (16) Und. Aon Russell Lifepoints (24) 7.19 (9) 8.96 (2) (1) 2.59 (19) Und. Aon Tyndall Balanced (17) 4.99 (24) 6.98 (16) (21) 4.36 (4) Und. ASB Scheme's (1) 8.46 (6) 8.26 (8) (3) 2.76 (18) FC Scheme's Active (8) 7.00 (13) 5.55 (22) (10) 2.88 (15) Und. FC Scheme's Tracker (2) 8.42 (7) 8.18 (9) (4) 2.59 (20) Fidelity Kiwi Fund (13) 6.27 (18) 5.10 (23) (18) 4.14 (7) Forsyth Barr Portfolio (23) 5.04 (22) 0.61 (24) 8.72 (24) Grosvenor Balanced (3) 5.42 (21) Huljich Diversified Fd (21) 2.22 (26) (25) 5.34 (25) Mercer Super Trust Active Bal* (22) 4.85 (25) 6.06 (21) (9) 3.34 (12) Mercer Super Trust * (19) 5.98 (19) 6.45 (19) (8) 2.42 (22) National Bank Balanced (16) 7.04 (11) 7.90 (11) (13) 4.14 (6) National Bank (7) 8.55 (4) 8.39 (6) (7) 3.42 (10) OnePath Balanced (12) 6.92 (14) 7.45 (15) (19) 3.35 (11) OnePath (4) 8.52 (5) 7.78 (14) (14) 2.44 (21) SIL Balanced (14) 7.06 (10) 7.87 (13) (11) 4.36 (3) SIL Fund (5) 8.62 (1) 8.51 (5) (5) 3.72 (8) Staples Rodway Balanced* (10) 7.60 (8) 9.07 (1) (15) 2.81 (17) Staples Rodway * (9) 5.46 (20) 6.35 (20) (20) 3.23 (14) Westpac Fund (11) 8.56 (2) 8.96 (3) (17) 4.52 (2) Average *
8 KiwiSaver Performance Survey - Returns to 31 March 2011 Aggressive Fee AMP LS Aggressive Fund (13) 7.55 (9) 7.00 (8) (10) (10) Aon Russell Lifepoints (12) 8.10 (6) 9.10 (2) (2) 1.26 (9) Und. AXA (7) 8.90 (3) 7.57 (6) (5) 2.96 (4) Brook Professional Fund (10) 5.99 (13) 1.19 (13) (11) 4.69 (3) Fidelity Aggressive Kiwi Fund (1) 8.69 (4) 6.25 (10) (6) 6.22 (2) Fisher Funds Fund (6) 8.49 (5) (1) (1) (1) Grosvenor Geared Fund (3) 6.88 (11) 3.89 (11) Grosvenor High Fund (2) 7.16 (10) 3.72 (12) (9) 2.31 (6) Mercer High * (9) 7.79 (7) 7.87 (5) (3) 1.48 (7) Mercer Super Trust High * (8) 7.72 (8) 7.57 (7) (4) 1.31 (8) TOWER (11) 6.66 (12) 6.48 (9) (7) 2.41 (5) Westpac Capital Protect Plan (4) (2) 8.53 (4) (8) Westpac Capital Protect Plan (5) (1) 8.53 (3) Average *
9 KiwiSaver Performance Survey - Returns to 31 March 2011 Single Sector Options Cash Fee AMP Cash Fund (8) 1.79 (6) 3.50 (5) 3.38 (5) 4.73 (6) ANZ Cash (3) 1.67 (9) 2.78 (13) 2.46 (15) Aon OnePath Cash (10) 1.68 (8) 3.02 (9) 3.16 (9) 4.94 (4) Und. Aon Tyndall Cash (13) 1.90 (3) 3.76 (3) 3.35 (6) 4.86 (5) Und. ASB Scheme's NZ Bank Deposit (15) 1.46 (15) 2.80 (12) 2.65 (12) 4.16 (10) AXA Cash (14) 1.50 (14) 2.92 (11) 3.40 (4) 4.21 (9) FC Scheme's NZ Cash (16) 1.42 (16) 2.73 (15) 2.60 (13) 4.15 (11) Grosvenor Enhanced Income Fund (5) 1.84 (4) 3.43 (6) 4.11 (2) 5.11 (3) Mercer Cash* (1) 2.17 (1) 4.85 (1) 4.17 (1) 5.36 (1) Mercer Super Trust Cash* (7) 2.01 (2) 4.66 (2) 4.08 (3) 5.29 (2) National Bank Cash (4) 1.67 (10) 2.78 (14) 2.47 (14) OnePath Cash Fund (2) 1.74 (7) 2.98 (10) 2.74 (11) 4.22 (8) SIL Cash Fund (6) 1.56 (13) 2.52 (16) 2.23 (16) 3.67 (14) Staples Rodway Conservative* (11) 1.83 (5) 3.74 (4) 3.22 (7) 4.14 (12) TOWER Preservation (9) 1.63 (12) 3.17 (7) 3.17 (8) 4.54 (7) Westpac Cash Fund (12) 1.64 (11) 3.06 (8) 3.10 (10) 4.05 (13) Fixed Income Fee International Mercer Super Trust Fixed Intr* (3) (3) 2.40 (3) (1) 7.41 (1) SIL International Fixed Int (2) (2) 4.38 (2) 4.21 (3) 6.46 (2) SIL New Zealand Fixed Interest (1) 1.98 (1) 7.80 (1) 7.87 (2) 6.22 (3) Property Fee International Mercer Super Trust Real * (2) 6.02 (2) 5.48 (3) (2) (2) SIL Australasian Property (3) 5.33 (3) 8.55 (2) (3) (1) SIL International Property (1) (1) (1) (1) (3) Australasian Equity Fee Australian Aon Milford (6) 5.09 (7) 5.71 (4) Grosvenor Socially Responsible (4) 6.39 (5) Grosvenor Trs-Tasm Sm Coms Shr (5) 7.53 (4) Mercer Super Trust Shares* (2) (2) 8.71 (1) (1) 0.34 (4) Mercer Super Trust TransTasman* (3) 9.67 (3) 6.70 (3) (4) 2.85 (2) Milford Aggressive (6) 5.09 (7) 5.70 (5) (5) (1) SIL Australasian Share (1) (1) 7.01 (2) (3) 2.21 (3) Smartshares (8) 5.21 (6) 4.11 (6) (2) 0.08 (5) 0.85%/$ International Equity Fee International FC Scheme's Active High (5) 8.82 (4) 4.99 (6) (4) Und. FC Scheme's Global Sustain (6) 8.27 (6) 5.98 (4) (3) Grosvenor International Share (3) 6.99 (7) Mercer Super Trust Global* (4) (1) 9.37 (1) (1) (3) SIL International Share (2) 9.47 (3) 6.45 (3) (5) 2.51 (1) SIL Sustainable Fund (1) 8.36 (5) 5.76 (5) (6) TOWER Equity (7) (2) 7.60 (2) (2) 0.57 (2) Miscellaneous Fee Fidelity Options Kiwi Fund (1) (1) 9.87 (1) (1) (1)
10 KiwiSaver Performance Survey - Returns to 31 March 2011 Under Management - By Provider March 2011 $m % Rank Rank Change December 2010 $m % Rank Rank Change December 2009 $m % Rank Rank Change $m Rank % AMP (3) (3) (3) Aon (12) (12) u (11) u ASB (2) (2) (2) AXA (5) (5) (5) Brook (17) (17) u (15) u Fidelity (10) (10) (10) u Fisher (8) (8) (8) Forsyth Barr (16) (16) Grosvenor (11) (11) t (12) u Huljich (9) (9) (9) Mercer (7) (7) (7) Milford (13) t (15) OnePath (1) (1) (1) Smartshares (15) u (14) (14) u Staples Rodway (14) u (13) (13) u Tower (6) (6) (6) Westpac (4) (4) (4) Total December (3) (10) (2) (5) (14) (9) (8) (11) (7) (1) (13) (12) (6) (4) Returns are before tax and after fees. Estimated Total Fee is the sum of the ongoing Management Fees, the Trustee Fees, and Administration fees. The performance for AMP, AXA, Forsyth Barr and Tower reflects fees that are charged as a percentage of your account balance and paid by cancelling units. Please contact Morningstar if you require clarification. fees are dollar-based Administration or Membership Fees payable in additio to the Total Fee, and are not reflected in the fund's performance. We have adjusted the performances of the Huljich Wealth Management funds reported in this survey. We have elected to change the start date of the funds to 31 October 2008 as a result of the additional payments made by Peter Huljich in December 2007 and October We have taken this action to improve the validity of cross-sectional analysis undertaken using our database. More specifically, investment returns should solely reflect investment activities. ** - Indicates a median rather than a mean. (a) Total Fee is a minimum of $40 or 0.85 percent dependent upon account balance. Und. = Undisclosed. * - Indicates Performance numbers supplied directly from the Provider rather than calculated independently by Morningstar.
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