KiwiSaver Survey September Quarter 2016

Transcription

1 KiwiSaver Srvey Sepember Qarer 2016 The hird qarer of 2016, saw global markes rise as he impac of he Brexi voe in Jne wore off o some exen. The local share marke experienced a very srong Jly and finished he qarer wih a rern of 6.7%. In general, i was a solid qarer for KiwiSaver fnds, wih all opions prodcing posiive resls. Average mlisecor caegory rerns ranged from 4.32% for he aggressive caegory o 1.61% for he conservaive caegory. Tim Mrphy 24-Ocober-16 Morningsar s qarerly KiwiSaver Srvey is designed o help New Zealand invesors assess he performance and oher key characerisics of heir KiwiSaver sperannaion opions. The accompanying ables show KiwiSaver fnd rerns for he one, hree and five years o 30 Sepember I was a relaively acive qarer in erms of addiions. AMP Grosvenor KiwiSaver Scheme has had a name and is now Booser KiwiSaver. We hope yo find his KiwiSaver srvey helpfl and welcome any feedback. Marke Commenary KiwiSaver incorporaed 16 invesmen opions ino he daabase inclding 10 pre-mixed opions as well as six single-secor opions. Performance rerns for he new opions are ye o reach he one-year mark. Fnds Adminisraion New Zealand Limied (FANZ) inclded Lifesages KiwiSaver High Growh and Lifesages KiwiSaver Income on he daabase. Balances of he former Saples Rodway KiwiSaver Scheme have been ransferred over o he Lifesages KiwiSaver Scheme. The hree monhs o 30 Sepember again highlighed he srengh of he New Zealand economy. The nderlying drivers of high ne immigraion, srong orism, and a booming consrcion secor remain; added o his improved prospecs for he dairy secor, and we will mos likely see conined momenm for he economy. Alhogh he domesic economy has been performing very srongly, he local share marke has no been immne o Sepember s global eqiy sell off, recording a fall of 0.5% over 2016 Morningsar, Inc. All righs reserved. Neiher Morningsar, is affiliaes, nor he conen providers garanee he daa or conen conained herein o be accrae, complee or imely nor will hey have any liabiliy for is se or disribion. Any general advice or class service have been prepared by Morningsar Asralasia Py Ld (ABN: , AFSL: ) and/or Morningsar Research Ld, sbsidiaries of Morningsar, Inc, wiho reference o yor objecives, financial siaion or needs. Refer o or Financial Services Gide (FSG) for more informaion a Yo shold consider he advice in ligh of hese maers and if applicable, he relevan Prodc Disclosre Saemen (Asralian prodcs) or Invesmen Saemen (New Zealand prodcs) before making any decision o inves. Or pblicaions, raings and prodcs shold be viewed as an addiional invesmen resorce, no as yor sole sorce of informaion. Pas performance does no necessarily indicae a financial prodc s fre performance. To obain advice ailored o yor siaion, conac a professional financial adviser. Some maerial is copyrigh and pblished nder licence from ASX Operaions Py Ld ACN ("ASXO"). 1

2 he monh, as measred by he S&P/NZX 50. Despie he recen weakness, he New Zealand marke recorded a solid 6.7% over he qarer, he blk of he gains can be aribed o he performance over he monh of Jly (6.5%). The Asralian share marke lagged New Zealand slighly, wih a rern of 5.1% in local crrency erms, over he same period. Bes performing secors inclded maerials, resorces and consmer saples. In aggregae, global eqiies did no perform as well as heir New Zealand conerpars over he qarer, alhogh he index was sill in posiive erriory, regisering a 2.70% rern in New Zealand dollar erms. Emerging markes operformed he advanced economies wih he MSCI Emerging Markes Index p 6.78% in New Zealand dollar erms. A he end of he qarer, he New Zealand dollar was p 1.45% agains he U.S. dollar and 4.45% agains he Briish pond, b fell 0.88% agains he Asralian dollar and 0.31% agains he Japanese yen. Overall in rade-weighed vale, he New Zealand dollar recorded a small increase of 0.84%. Lised propery shares lagged he broader marke over he hree monhs o 30 Sepember Cyclical socks have benefied from he srong bsiness condiions, opacing he more defensive secors like propery. Noneheless, he S&P/NZX Propery TR Index managed o deliver a sefl gain of 2.06% over he qarer. Asralian REITs srggled over he qarer, he S&P/ASX A-REIT TR rerning negaive 1.95% in local crrency erms, ranslaing o a slighly higher negaive 1.31% in New Zealand dollar erms. Mirvac, Invesa and Goodman were he op conribors o he index rern. The Reserve Bank of New Zealand, or RBNZ, decreased he official cash rae by 25 basis poins on 11 Ags o 2.00%. Longer-erm raes conine o move largely in line wih rends in overseas markes. The 10-year governmen bond yield recorded a low poin of 2.12% mid-ags, b has since risen o 2.50% a he ime of wriing. The local bond marke, as measred by he S&P/NZX Composie Invesmen Grade Index, ended he qarer p 1.08%. Global bonds prodced a similar resl, he BBgBarc Global Aggregae Index rose 0.97% from a New Zealand dollarhedged perspecive. Qarerly Fnd Manager Resls The firs half of 2016 saw KiwiSaver fnds wih a bias o defensive asses operform heir growh-minded conerpars. There was a posiive correlaion beween he allocaions o defensive asses and he performance of he Morningsar caegories, over he period. The Sepember qarer winessed fnds revering o normal expecaions of heir risk-rern profiles. In general, i was a solid qarer for KiwiSaver fnds, wih all opions prodcing posiive resls over he hree monhs. Average mlisecor caegory rerns ranged from 4.32% for he Aggressive caegory o 1.61% for he Conservaive caegory. Top performers over he qarer agains heir peer grop incldes: Fisher TWO KiwiSaver Cash Enhanced 2.03% (Mlisecor Conservaive); Aon Lifepoins Moderae 2.88% (Mlisecor Moderae); Aon Lifepoins Balanced 3.67% (Mlisecor Balanced); BNZ KiwiSaver Growh 4.56% (Mlisecor Growh); and Booser KiwiSaver Geared Growh 5.65% (Mlisecor Aggressive). A he oher end of he specrm, FANZ Lifesages KiwiSaver Income had a ogh qarer. The fnd s exposre o growh asses consiss of propery and infrasrcre. Wih no exposre o eqiies, domesic or inernaional and a heavy weighing o New Zealand and global fixed ineres, he fnd srggled agains peers and he caegory index. Pleasingly, all KiwiSaver fnds managed o prodce posiive rerns over he year across he mlisecor caegories. Rerns ranged from 13.12% down o 0.09%. The Growh caegory average recorded 10.27% for he year, followed by Aggressive (9.26%), Balanced (9.12%), Moderae (7.96%), and Conservaive (6.66%). I is mos appropriae o evalae performance of a KiwiSaver scheme by sdying is long-erm rerns. OneAnswer KiwiSaver Growh ops he performance of he Mlisecor 2016 Morningsar, Inc. All righs reserved. Neiher Morningsar, is affiliaes, nor he conen providers garanee he daa or conen conained herein o be accrae, complee or imely nor will hey have any liabiliy for is se or disribion. Any general advice or class service have been prepared by Morningsar Asralasia Py Ld (ABN: , AFSL: ) and/or Morningsar Research Ld, sbsidiaries of Morningsar, Inc, wiho reference o yor objecives, financial siaion or needs. Refer o or Financial Services Gide (FSG) for more informaion a Yo shold consider he advice in ligh of hese maers and if applicable, he relevan Prodc Disclosre Saemen (Asralian prodcs) or Invesmen Saemen (New Zealand prodcs) before making any decision o inves. Or pblicaions, raings and prodcs shold be viewed as an addiional invesmen resorce, no as yor sole sorce of informaion. Pas performance does no necessarily indicae a financial prodc s fre performance. To obain advice ailored o yor siaion, conac a professional financial adviser. Some maerial is copyrigh and pblished nder licence from ASX Operaions Py Ld ACN ("ASXO"). 2

3 Growh caegory over five years. ANZ akes a long-erm view in he sraegic posiioning of is porfolios, which is he key driver of performance, alhogh acical asse allocaion has also been a consisen ne posiive. Operformance agains peers has predominanly been he resl of is growh exposre achieved hrogh domesic and inernaional eqiies. Eqally posiive has been he lised propery exposre, which srged from 2012 o Milford KiwiSaver Balanced ops he Mlisecor Balanced caegory over he five years o 30 Sepember In 2012, he fnd grew 18.6% becase of is relaively large allocaion o growh asses as local eqiy markes had bmper years. Rerns were also boosed in 2014 by invesmens in inernaional eqiies being favored over domesic eqiies. Aon Rssell Lifepoins is a noable performer over he long erm. Mos opions appear a or near he op of or mlisecor caegories. Marke Share KiwiSaver asses on he Morningsar daabase grew o NZD 35.9 billion a 30 Sepember 2016 from NZD million a 30 Jne ANZ leads he marke share wih more han NZD 9.2 billion, accmlaing NZD 1.3 billion over he firs hree qarers of ASB remains in second posiion, increasing is marke share by 18.5%. Wespac holds hird spo ahead of AMP, while Fisher Fnds sis in fifh spo. The six larges KiwiSaver providers accon for approximaely 85.0% of asses on or daabase. Abo This Srvey This srvey grops KiwiSaver opions according o heir mix of income and growh asses, or asse allocaion. This is one of he mos imporan decisions o make when saving for reiremen. The erm income asses refers o cash and fixed ineres secriies ha generally prodce sable and reliable rerns b offer lile opporniy for long-erm capial growh. Rerns from growh asses sch as propery and shares will be erraic as recen marke volailiy has demonsraed b over ime have shown greaer capaciy for increasing in vale. The mixre of income and growh asses is he major deerminan of poenial rern and volailiy. Invesors may noice differences beween he rerns pblished in his srvey and hose hey see elsewhere. There are several possible reasons for his. Firs, he rerns pblished here are afer fees b before ax. Second, we ake he associaed ax credi ino consideraion when calclaing and pblishing hese rerns, while some fnd managers base heir pblished performance figres on monh-end ni prices only. K Tim Mrphy is Direcor of Manager Research wih Morningsar Morningsar, Inc. All righs reserved. Neiher Morningsar, is affiliaes, nor he conen providers garanee he daa or conen conained herein o be accrae, complee or imely nor will hey have any liabiliy for is se or disribion. Any general advice or class service have been prepared by Morningsar Asralasia Py Ld (ABN: , AFSL: ) and/or Morningsar Research Ld, sbsidiaries of Morningsar, Inc, wiho reference o yor objecives, financial siaion or needs. Refer o or Financial Services Gide (FSG) for more informaion a Yo shold consider he advice in ligh of hese maers and if applicable, he relevan Prodc Disclosre Saemen (Asralian prodcs) or Invesmen Saemen (New Zealand prodcs) before making any decision o inves. Or pblicaions, raings and prodcs shold be viewed as an addiional invesmen resorce, no as yor sole sorce of informaion. Pas performance does no necessarily indicae a financial prodc s fre performance. To obain advice ailored o yor siaion, conac a professional financial adviser. Some maerial is copyrigh and pblished nder licence from ASX Operaions Py Ld ACN ("ASXO"). 3

4 Copyrigh, Disclaimer & Oher Informaion Use of his repor by sbscribers is sbjec o he erms and condiions of he Morningsar Services Licence Agreemen inclding b no limied o he Morningsar copyrigh, disclaimer and disclosre condiions below. Copyrigh The maerial conained in his docmen is copyrigh of Morningsar, Inc., is licensors and any relaed bodies corporae ha are involved in he docmen's creaion. All righs reserved. Excep as permied by he Copyrigh Ac 1994, yo may no reprodce, ransmi, disseminae, sell or pblish his informaion wiho he wrien consen of Morningsar, Inc. If no inclded in yor Morningsar Services License Agreemen, wrien consen can be reqesed by conacing yor Morningsar represenaive.. Trademarks Morningsar and he Morningsar logo are regisered rademarks of Morningsar, Inc. Disclaimer All care has been aken in preparing his repor and any economic commenary, asse allocaions, porfolio bilding sraegies, and managed invesmens daa, raings and commenary conained wihin i b o he exen ha any conen is based on informaion received from oher paries, no liabiliy is acceped by Morningsar for errors conained in he conen or omissions from he conen. Morningsar gives neiher garanee nor warrany nor makes any represenaion as o he correcness or compleeness of he repor. Morningsar bases is daa, raings and commenary on informaion disclosed o i by invesmen prodc providers and on pas performance of prodcs. Pas performance is no garanee of fre performance. To he exen ha any of he informaion conained herein consies advice, i is no personalised advice and has been prepared by Morningsar Research Limied (a sbsidiary of Morningsar, Inc.) wiho reference o yor objecives, financial siaion or needs. Yo shold consider he advice in ligh of hese maers and, if applicable, he relevan Invesmen Saemen before making any decision o inves. Neiher Morningsar nor Morningsar's employees can provide yo wih personalised financial advice. To obain advice ailored o yor pariclar circmsances, please conac a professional financial adviser. Disclosre Morningsar Research Ld has no deb or eqiy relaionship wih any managed invesmen company or financial advisory grop, neiher does Morningsar offer or paricipae in invesmen managemen or financial advisory aciviies nor charge managed invesmen companies o be researched or raed. Morningsar may have an ineres in he prodcs referred o in his repor in ha Morningsar and/or is saff may hold or inend o hold deposis, shares, nis or oher righs in respec of sch prodcs and from ime o ime, Morningsar may provide some of he invesmen prodc providers menioned in his repor wih research, sofware, consling and oher services for a fee. More Informaion Qeries regarding licensing and he repor conen shold be direced o Morningsar Clien Services a helpdesk.nz@morningsar.com 2016 Morningsar, Inc. All righs reserved. Neiher Morningsar, is affiliaes, nor he conen providers garanee he daa or conen conained herein o be accrae, complee or imely nor will hey have any liabiliy for is se or disribion. Any general advice or class service have been prepared by Morningsar Asralasia Py Ld (ABN: , AFSL: ) and/or Morningsar Research Ld, sbsidiaries of Morningsar, Inc, wiho reference o yor objecives, financial siaion or needs. Refer o or Financial Services Gide (FSG) for more informaion a Yo shold consider he advice in ligh of hese maers and if applicable, he relevan Prodc Disclosre Saemen (Asralian prodcs) or Invesmen Saemen (New Zealand prodcs) before making any decision o inves. Or pblicaions, raings and prodcs shold be viewed as an addiional invesmen resorce, no as yor sole sorce of informaion. Pas performance does no necessarily indicae a financial prodc s fre performance. To obain advice ailored o yor siaion, conac a professional financial adviser. Some maerial is copyrigh and pblished nder licence from ASX Operaions Py Ld ACN ("ASXO"). 4

5 Please noe: Snapsho Pas performance is no a gide o fre performance. This year s bes performers can easily be nex year s wors. Undersanding yor risk profile, and he mix of growh and income asses is criical. Fees are he one consan ha will always ea away a yor rerns. Take a close look a he cos of yor KiwiSaver Scheme. Expense Raio NZ Domiciled Growh Defal Opions AMP (Defal) ANZ Defal Conservaive (Defal) ASB Conservaive (Defal) BNZ Conservaive Booser (Defal) ***** Fisher TWO Cash Enhanced (Defal) Kiwi Wealh Defal *** Mercer Conservaive (Defal)* Wespac Defensive (Defal) ^ Peer Grop Averages Defal Opions ** Conservaive (Inclding Defal Opions) ** Moderae ** Balanced ** Growh ** Aggressive ** Qick Sas KiwiSaver Toal Marke Size $m 35,912 Increase in Marke Size las 3 monhs $m 2,504 Esimaed KiwiSaver Marke Asse Allocaion % Larges Providers $m 9,295 ANZ/OneAnswer Cash & NZ Bonds 34.4 $m 6,638 ASB Inernaional Bonds 19.9 NZ Unlised Propery 0.5 Nmber of Providers 16 NZ Lised Propery 2.4 Nmber of Prodcs 140 Inernaional Lised Propery 2.0 NZ Shares 8.6 Highes 3-monh Performance his Qarer % 7.6 Booser Trans-Tasman Share Asralian Shares 4.6 Lowes 3-Monh Performance his Qarer % 0.5 AMP Cash Inernaional Shares 26.1 Highes 12-Monh Performance his Qarer % 30.9 OneAnswer Asralasian Share Oher 1.4 Lowes 12-Monh Performance his Qarer % -3.2 OneAnswer Ssainable Growh Proporion in Income : 54.3 Proporion in Growh : 45.7 Saemen (in respec of Asralian prodcs) or Invesmen Saemen (in respec of New Zealand prodcs) before making any decision o inves. Neiher Morningsar, nor Morningsar s sbsidiaries, nor Morningsar s employees can provide yo wih personalised financial advice. To obain advice ailored o yor pariclar circmsances, please conac a professional financial adviser. Please refer o or Financial Services Gide (FSG) for more informaion Und. = Undisclosed. * - Performance nmbers spplied direcly from he provider raher han calclaed independenly by Morningsar.** - Median raher han a mean. *** - Minimm fee p o $40/50 depending on opion is charged, inclsive of oher coss. **** - $40 fee b $0 if balance is over $5,000. ***** - No member fee for balances below $10,000, oherwise $30. ^ - fees are no for a fll year. # - caegory d from Moderae o Conservaive dring qarer de o fnd srcre

6 Mli Secor Opions Expense Raio NZ Domiciled Growh Conservaive AMP (Defal) (13) 5.6 (12) 5.7 (10) AMP ANZ Conservaive Und. Und. ANZ Conservaive (12) 6.9 (7) 7.0 (6) ANZ Defal Conservaive (Defal) (8) 7.2 (3) 7.1 (5) Aon Rssell Lifepoins Conservaive (1) 8.6 (2) 8.8 (1) ASB Conservaive (Defal) (5) 6.8 (9) 6.5 (8) BNZ Conservaive (4) 6.8 (10) Booser (Defal) (9) ***** FANZ Lifesages Income (14) Fisher Conservaive (3) 7.1 (5) 7.4 (2) Fisher TWO Cash Enhanced (Defal) (6) 6.9 (8) 6.7 (7) Kiwi Wealh Conservaive (16) 5.8 (11) 6.3 (9) *** Kiwi Wealh Defal (15) *** Mercer Conservaive (Defal)* (7) 7.2 (4) 7.2 (3) Milford Conservaive (2) 10.5 (1) NZ Defence Force Conservaive OneAnswer Conservaive (11) 7.0 (6) 7.1 (4) Wespac Defensive (Defal) (10) ^ Average ** Morningsar NZ Mli Secor Conservaive Index Saemen (in respec of Asralian prodcs) or Invesmen Saemen (in respec of New Zealand prodcs) before making any decision o inves. Neiher Morningsar, nor Morningsar s sbsidiaries, nor Morningsar s employees can provide yo wih personalised financial advice. To obain advice ailored o yor pariclar circmsances, please conac a professional financial adviser. Please refer o or Financial Services Gide (FSG) for more informaion Und. = Undisclosed. * - Performance nmbers spplied direcly from he provider raher han calclaed independenly by Morningsar.** - Median raher han a mean. *** - Minimm fee p o $40/50 depending on opion is charged, inclsive of oher coss. **** - $40 fee b $0 if balance is over $5,000. ***** - No member fee for balances below $10,000, oherwise $30. ^ - fees are no for a fll year. # - caegory d from Moderae o Conservaive dring qarer de o fnd srcre

7 Mli Secor Opions Expense Raio NZ Domiciled Growh Moderae AMP Income Generaor Und. Und. AMP ASB Moderae Und. Und. AMP Nikko AM Conservaive Und. Und. AMP LS Conservaive (16) 5.4 (13) 5.8 (11) AMP LS Moderae (9) 5.9 (12) 6.8 (9) ANZ Conservaive Balanced (13) 8.0 (6) 8.8 (4) ANZ Defal Conservaive Balanced (12) 8.0 (5) 8.4 (6) Aon Rssell Lifepoins (5) 8.8 (2) 9.3 (2) Aon Rssell Lifepoins Moderae (1) 9.6 (1) 10.4 (1) ASB Moderae (4) 8.4 (3) 8.6 (5) BNZ Moderae (2) 8.0 (7) Booser AC Conservaive (15) ***** Booser Conservaive (10) 6.6 (11) 6.3 (10) ***** Fisher TWO Conservaive (7) 6.9 (9) 7.3 (7) Generae Conservaive (3) 8.4 (4) Mercer Moderae* (6) NZ Defence Force Moderae OneAnswer Conservaive Balanced (11) 8.0 (8) 8.8 (3) Wespac Conservaive (14) 6.9 (10) 6.9 (8) Wespac Moderae (8) ^ Average ** Morningsar NZ Mli Secor Moderae Index Saemen (in respec of Asralian prodcs) or Invesmen Saemen (in respec of New Zealand prodcs) before making any decision o inves. Neiher Morningsar, nor Morningsar s sbsidiaries, nor Morningsar s employees can provide yo wih personalised financial advice. To obain advice ailored o yor pariclar circmsances, please conac a professional financial adviser. Please refer o or Financial Services Gide (FSG) for more informaion Und. = Undisclosed. * - Performance nmbers spplied direcly from he provider raher han calclaed independenly by Morningsar.** - Median raher han a mean. *** - Minimm fee p o $40/50 depending on opion is charged, inclsive of oher coss. **** - $40 fee b $0 if balance is over $5,000. ***** - No member fee for balances below $10,000, oherwise $30. ^ - fees are no for a fll year. # - caegory d from Moderae o Conservaive dring qarer de o fnd srcre

8 Mli Secor Opions (conined) Expense Raio NZ Domiciled Growh Balanced AMP Fisher TWO Balanced (5) 8.6 (12) 9.4 (13) AMP Global Mli-Asse Und. Und. AMP Responsible Inv Bal Und. Und. AMP ASB Balanced Und. Und. AMP LS Balanced (10) 6.6 (16) 8.5 (14) AMP LS Moderae Balanced (14) 6.3 (17) 7.7 (16) ANZ Balanced (16) 9.0 (9) 10.5 (7) ANZ Defal Balanced (17) 9.0 (8) 9.8 (10) Aon ANZ Balanced (9) 8.8 (11) 10.8 (4) Aon Rssell Lifepoins (7) 9.6 (4) 10.8 (3) Aon Rssell Lifepoins Balanced (4) 10.4 (2) 11.9 (2) ASB Balanced (3) 9.8 (3) 10.6 (5) BNZ Balanced (1) 8.9 (10) Booser Balanced (13) 7.9 (14) 8.1 (15) ***** Booser SRI Balanced (11) ***** Fisher TWO Balanced (6) 8.3 (13) 9.5 (12) Kiwi Wealh Balanced (18) 7.3 (15) 9.6 (11) *** Mercer Balanced* (8) 9.0 (7) 9.8 (9) Milford Balanced (2) 11.6 (1) 13.6 (1) NZ Defence Force Balanced OneAnswer Balanced (15) 9.1 (5) 10.6 (6) Wespac Balanced (12) 9.1 (6) 10.0 (8) Average ** Morningsar NZ Mli Secor Balanced Index Saemen (in respec of Asralian prodcs) or Invesmen Saemen (in respec of New Zealand prodcs) before making any decision o inves. Neiher Morningsar, nor Morningsar s sbsidiaries, nor Morningsar s employees can provide yo wih personalised financial advice. To obain advice ailored o yor pariclar circmsances, please conac a professional financial adviser. Please refer o or Financial Services Gide (FSG) for more informaion Und. = Undisclosed. * - Performance nmbers spplied direcly from he provider raher han calclaed independenly by Morningsar.** - Median raher han a mean. *** - Minimm fee p o $40/50 depending on opion is charged, inclsive of oher coss. **** - $40 fee b $0 if balance is over $5,000. ***** - No member fee for balances below $10,000, oherwise $30. ^ - fees are no for a fll year. # - caegory d from Moderae o Conservaive dring qarer de o fnd srcre

9 Mli Secor Opions (conined) Expense Raio NZ Domiciled Growh Growh AMP ANZ Balanced Pls (15) 9.1 (15) 11.3 (11) AMP ANZ Growh Und. Und. AMP ASB Growh Und. Und. AMP Nikko AM Growh Und. Und. AMP LS Growh (7) 7.1 (18) 9.7 (15) AMP Nikko AM Balanced (9) 10.4 (8) 11.0 (13) ANZ Balanced Growh (18) 9.9 (12) 12.2 (8) ANZ Defal Balanced Growh (19) 9.9 (13) 11.2 (12) ANZ Defal Growh (13) 10.7 (6) 12.6 (4) ANZ Growh (12) 10.7 (5) 13.8 (2) Aon Rssell Lifepoins (6) 10.4 (7) 12.3 (7) Aon Rssell Lifepoins Growh (4) 11.0 (2) 13.0 (3) Aon Nikko AM Balanced (8) 10.3 (9) 10.9 (14) ASB Growh (2) 11.1 (1) 12.5 (5) BNZ Growh (1) 9.5 (14) Booser Balanced Growh (14) 8.7 (17) 9.5 (16) ***** Fisher TWO Growh (3) 9.0 (16) 11.3 (10) Generae Growh (16) 10.8 (4) Mercer Growh* (5) NZ Defence Force Growh OneAnswer Balanced Growh (17) 10.0 (11) 12.3 (6) OneAnswer Growh (11) 10.8 (3) 13.9 (1) Wespac Growh (10) 10.3 (10) 11.6 (9) Average ** Morningsar NZ Mli Secor Growh Index Saemen (in respec of Asralian prodcs) or Invesmen Saemen (in respec of New Zealand prodcs) before making any decision o inves. Neiher Morningsar, nor Morningsar s sbsidiaries, nor Morningsar s employees can provide yo wih personalised financial advice. To obain advice ailored o yor pariclar circmsances, please conac a professional financial adviser. Please refer o or Financial Services Gide (FSG) for more informaion Und. = Undisclosed. * - Performance nmbers spplied direcly from he provider raher han calclaed independenly by Morningsar.** - Median raher han a mean. *** - Minimm fee p o $40/50 depending on opion is charged, inclsive of oher coss. **** - $40 fee b $0 if balance is over $5,000. ***** - No member fee for balances below $10,000, oherwise $30. ^ - fees are no for a fll year. # - caegory d from Moderae o Conservaive dring qarer de o fnd srcre

10 Mli Secor Opions (conined) Expense Raio NZ Domiciled Growh Aggressive AMP LS Aggressive (3) 7.5 (8) 10.6 (7) Aon Rssell Lifepoins (5) 10.9 (1) 13.4 (1) Booser AC Growh (7) ***** Booser Geared Growh (4) 10.3 (4) 11.5 (5) ***** Booser High Growh (6) 9.0 (6) 10.7 (6) ***** Fisher Growh (1) 9.4 (5) 11.7 (4) Generae Focsed Growh (8) 10.6 (3) Kiwi Wealh Growh (9) 8.5 (7) 12.7 (2) *** Mercer High Growh* (2) 10.8 (2) 12.3 (3) NZ Defence Force High Growh Average ** Morningsar NZ Mli Secor Aggressive Index Saemen (in respec of Asralian prodcs) or Invesmen Saemen (in respec of New Zealand prodcs) before making any decision o inves. Neiher Morningsar, nor Morningsar s sbsidiaries, nor Morningsar s employees can provide yo wih personalised financial advice. To obain advice ailored o yor pariclar circmsances, please conac a professional financial adviser. Please refer o or Financial Services Gide (FSG) for more informaion Und. = Undisclosed. * - Performance nmbers spplied direcly from he provider raher han calclaed independenly by Morningsar.** - Median raher han a mean. *** - Minimm fee p o $40/50 depending on opion is charged, inclsive of oher coss. **** - $40 fee b $0 if balance is over $5,000. ***** - No member fee for balances below $10,000, oherwise $30. ^ - fees are no for a fll year. # - caegory d from Moderae o Conservaive dring qarer de o fnd srcre

11 Single Secor Opions Expense Raio NZ Domiciled Growh Cash AMP Cash (13) 2.7 (12) 2.7 (10) ANZ Cash (7) 3.1 (3) 3.0 (5) ANZ Defal Cash (8) 3.1 (6) 3.0 (6) Aon ANZ Cash (12) 2.6 (13) 2.6 (11) Aon Nikko AM Cash (6) 3.0 (8) 3.1 (1) ASB NZ Cash (3) 3.2 (2) 2.9 (8) BNZ Cash (2) 2.9 (11) Booser Enhanced Income (11) 3.0 (10) 3.1 (3) ***** Fisher TWO Preservaion (9) 3.0 (7) 3.1 (2) Kiwi Wealh Cash (1) 3.4 (1) -- *** Mercer Cash* (5) 3.1 (4) 3.1 (4) NZ Defence Force Cash OneAnswer Cash (10) 3.0 (9) 2.9 (9) Wespac Cash (4) 3.1 (5) 3.0 (7) Fixed Ineres AMP NZ Fixed Ineres Und. Und. AMP Inernaional Fixed Und. Und. OneAnswer Inernaional Fixed Ineres OneAnswer New Zealand Fixed Ineres Inernaional Share AMP Inernaional Shares Und. Und. AMP Passive Inernaional Und. Und. FANZ Lifesages High Growh (4) Booser Inernaional Share (3) 9.7 (2) 11.8 (3) ***** Fisher TWO Eqiy (1) 9.5 (3) 12.4 (2) Mercer Shares* (2) NZ Defence Force Shares OneAnswer Inernaional Share (5) 11.0 (1) 14.4 (1) OneAnswer Ssainable Growh (6) 8.3 (4) 10.4 (4) Propery AMP Propery Und. Und. OneAnswer Asralasian Propery OneAnswer Inernaional Propery Saemen (in respec of Asralian prodcs) or Invesmen Saemen (in respec of New Zealand prodcs) before making any decision o inves. Neiher Morningsar, nor Morningsar s sbsidiaries, nor Morningsar s employees can provide yo wih personalised financial advice. To obain advice ailored o yor pariclar circmsances, please conac a professional financial adviser. Please refer o or Financial Services Gide (FSG) for more informaion Und. = Undisclosed. * - Performance nmbers spplied direcly from he provider raher han calclaed independenly by Morningsar.** - Median raher han a mean. *** - Minimm fee p o $40/50 depending on opion is charged, inclsive of oher coss. **** - $40 fee b $0 if balance is over $5,000. ***** - No member fee for balances below $10,000, oherwise $30. ^ - fees are no for a fll year. # - caegory d from Moderae o Conservaive dring qarer de o fnd srcre

12 Single Secor Opions (conined) Expense Raio NZ Domiciled Asralian Asralasian Eqiy AMP Asralasian Shares Und. Und. Aon Milford (4) 12.7 (3) 16.5 (3) Booser Socially Responsible (5) 8.3 (4) 9.7 (4) ***** Booser Trans-Tasman Share (2) 5.4 (5) 6.7 (5) ***** Milford Acive Growh (3) 13.2 (2) 16.9 (2) OneAnswer Asralasian Share (1) 15.9 (1) 17.4 (1) Miscellaneos Booser Capial Garaneed ***** 0.91 Booser Opions ***** 1.20 Kiwi Wealh Cash Pls *** 0.84 NZ Fnds Growh NZ Fnds Income NZ Fnds Inflaion Wespac Capial Proec Plan Wespac Capial Proec Plan Wespac Capial Proec Plan Wespac Capial Proec Plan Wespac Capial Proec Plan Saemen (in respec of Asralian prodcs) or Invesmen Saemen (in respec of New Zealand prodcs) before making any decision o inves. Neiher Morningsar, nor Morningsar s sbsidiaries, nor Morningsar s employees can provide yo wih personalised financial advice. To obain advice ailored o yor pariclar circmsances, please conac a professional financial adviser. Please refer o or Financial Services Gide (FSG) for more informaion Und. = Undisclosed. * - Performance nmbers spplied direcly from he provider raher han calclaed independenly by Morningsar.** - Median raher han a mean. *** - Minimm fee p o $40/50 depending on opion is charged, inclsive of oher coss. **** - $40 fee b $0 if balance is over $5,000. ***** - No member fee for balances below $10,000, oherwise $30. ^ - fees are no for a fll year. # - caegory d from Moderae o Conservaive dring qarer de o fnd srcre

13 Marke Share Analysis AUM, Sep 2016 AUM, Dec 2015 AUM, Dec 2014 AUM, Dec 2013 $M % Rank Rank Change $M % Rank Rank Change $M % Rank Rank Change $M % Rank By Provider AMP (4) (3) (3) (3) ANZ/OneAnswer (1) (1) (1) (1) Aon (11) (11) (11) (10) ASB (2) (2) (2) (2) BNZ (9) (9) (9) (12) Booser (8) (8) (8) (8) Fisher Fnds (5) (5) (5) (5) FANZ (14) Forsyh Barr (15) (16) (15) Generae (12) (12) (14) (17) Kiwi Wealh (6) (6) (6) (6) Mercer (7) (7) (7) (7) Milford (10) (10) (10) (11) NZ Fnds (13) (13) (12) (13) Saples Rodway (14) (13) (14) Wespac (3) (4) (4) (4) Closed/Merged Providers Brook, Mid (16) FirsChoice, End (15) (9) Toal 35,912 30,841 25,083 19,884 been prepared by Morningsar Asralasia Py Ld ABN: , AFSL: and/or Morningsar Research Limied (sbsidiaries of Morningsar, Inc.) wiho reference o yor objecives, financial siaion or needs. Yo shold consider he advice in ligh of hese maers and, if applicable, he relevan Prodc Disclosre Saemen (in respec of Asralian prodcs) or Invesmen Saemen (in respec of New Zealand prodcs) before making any decision o inves. Neiher Morningsar, nor Morningsar s sbsidiaries, nor Morningsar s employees can provide yo wih personalised financial advice. To obain advice ailored o yor pariclar circmsances, please conac a professional financial adviser. Please refer o or Financial Services Gide (FSG) for more informaion Rerns are before ax and afer fees. The performance for ASB, AMP, Forsyh Barr and Tower reflecs fees ha are charged as a percenage of yor accon balance and paid by cancelling nis. Please conac Morningsar if yo reqire clarificaion. Morningsar reqesed a (Toal Expense Raio) TER o be provided and calclaed by Providers in line wih he IOSCO inernaional sandard calclaion, exclding dollar-based accon fees. The dollar-based accon or membership fees are payable in addiion o he oher fees capred in he TER, and are no refleced in he fnd's performance. Und. = Undisclosed. * - Performance nmbers spplied direcly from he provider raher han calclaed independenly by Morningsar.** - Median raher han a mean. *** - Minimm fee p o $40/50 depending on opion is charged, inclsive of oher coss. **** - $40 fee b $0 if balance is over $5,000.