KiwiSaver Survey December Quarter 2016

Transcription

1 KiwiSaver Survey December Quarer 2016 Volailiy reurned o markes in he final quarer of 2016, following he resuls from he US elecion. Fixed income markes, lised propery, and New Zealand shares all produced negaive resuls, while global equiies was one of he few asse classes o shine. As a resul, he more defensive KiwiSaver funds posed negaive reurns, while growh-oriened opions were mosly posiive. Average mulisecor caegory reurns ranged from 2.54% for he aggressive caegory o -0.79% for he conservaive caegory. Chris Douglas 2-February-17 Morningsar s quarerly KiwiSaver Survey is designed o help New Zealand invesors assess he performance and oher key characerisics of heir KiwiSaver reiremen savings opions. The accompanying ables show KiwiSaver fund reurns for he one, hree, and five years o 31 December This quarer we added o our daabase hree KiwiSaver funds operaed by Simpliciy KiwiSaver, which has overaken ASB as he cheapes KiwiSaver opion on our daabase. We hope you find his KiwiSaver Survey helpful and welcome any feedback. Ausralian marke, and gains in he las wo monhs mean ha he index recorded a reurn of 3.8% for he December quarer and finished he year up 9.2%. Inernaional shares experienced a very rocky sar o 2016, due largely o concerns abou he oulook for global growh. This was followed by price gains for he res of he year, inerruped along he way by wha proved o be ransien oubreaks of volailiy in lae June and early November. The MSCI World index finished he year wih a 5.5% NZD gain, and was up a very healhy 6.2% for he fourh quarer. The ineres rae-sensiive S&P/NZX All Real Esae index sruggled when confroned wih rising bond yields in he second half of Over he final quarer, he index fell 6.6%, and for he calendar year delivered a reurn of 2.7%. Marke Commenary There was a significan amoun of volailiy across he markes during New Zealand shares posed very srong gains up o early Sepember, followed by a subsanial reversal for he res of he year. The final quarer of 2016 saw he S&P/NZX50 index fall 6.5%. However, he srengh in he earlier phase carried he day, and he index closed ou he calendar year wih a reurn of 8.8%. Ausralian shares sruggled o make any gains for mos of he year, bu he global pos-trump equiy rally in he final monhs of he year also rubbed off on he Fixed ineres markes were in negaive erriory for he fourh quarer of 2016, alhough finished he year wih posiive reurns. Longer-erm yields followed he U.S. bond marke: he 10 year U.S. Treasury yield rose srongly in November and December, reflecing boh he unexpeced Trump elecion resul and U.S. Federal Reserve moneary policy ighening. As a resul, he Bloomberg global index (hedged) reurned - 2.9% for he final hree monhs of 2016, while he domesic fixed income marke fell -2.0%. Boh markes did pos posiive resuls for he year of 5.8% and 3.4% respecively Morningsar, Inc. All righs reserved. Neiher Morningsar, is affiliaes, nor he conen providers guaranee he daa or conen conained herein o be accurae, complee or imely nor will hey have any liabiliy for is use or disribuion. Any general advice or class service have been prepared by Morningsar Ausralasia Py Ld (ABN: , AFSL: ) and/or Morningsar Research Ld, subsidiaries of Morningsar, Inc, wihou reference o your objecives, financial siuaion or needs. Refer o our Financial Services Guide (FSG) for more informaion a You should consider he advice in ligh of hese maers and if applicable, he relevan Produc Disclosure Saemen (Ausralian producs) or Invesmen Saemen (New Zealand producs) before making any decision o inves. Our publicaions, raings and producs should be viewed as an addiional invesmen resource, no as your sole source of informaion. Pas performance does no necessarily indicae a financial produc s fuure performance. To obain advice ailored o your siuaion, conac a professional financial adviser. Some maerial is copyrigh and published under licence from ASX Operaions Py Ld ACN ("ASXO").

2 Quarerly Fund Manager Resuls KiwiSaver funds wih heavy growh asse allocaions easily ouperformed heir defensive counerpars in he fourh quarer. The sell-off in fixed income in he final monhs of 2016 led o he Conservaive, Moderae, and Balanced caegories posing negaive resuls on average. Anyhing wih a il o New Zealand asses also ended o endure heavier losses, as he local sharemarke fell more han global counerpars across he board. Average mulisecor caegory reurns ranged from 2.54% for he Aggressive caegory o -0.79% for he Conservaive caegory. Top performers in heir peer groups in he fourh quarer included Kiwi Wealh KiwiSaver Scheme Defaul (0.56%) (Mulisecor Conservaive); Booser KiwiSaver Asse Class Conservaive (0.14%) (Mulisecor Moderae); Kiwi Wealh KiwiSaver Balanced (2.10%) (Mulisecor Balanced); Simpliciy KiwiSaver Growh Fund (1.90%) (Mulisecor Growh); and Kiwi Wealh KiwiSaver Growh (4.35%) (Mulisecor Aggressive). Despie he volailiy, all KiwiSaver funds managed o produce posiive reurns over he year across he mulisecor caegories. Reurns ranged from 9.44% down o 1.97%. The Aggressive caegory average recorded 7.0% for he year, followed by Growh (6.0%), Balanced (5.9%), Moderae (5.1%), and Conservaive (4.7%). I s mos appropriae o evaluae performance of a KiwiSaver scheme by sudying is long-erm reurns. OneAnswer KiwiSaver Growh coninues o op he Mulisecor 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, alhough acical asse allocaion has also been a consisen ne posiive. Ouperformance agains peers has predominanly been he resul of growh exposure achieved hrough domesic and inernaional equiies. Equally posiive has been he lised propery exposure, he performance of which surged from 2012 o Milford KiwiSaver Balanced leads he Mulisecor Balanced caegory over he five years o 31 December Milford s exposure o growh asses has ypically been higher han he peer group, which has driven srong peer-relaive resuls. Milford reduced his il o growh asses over 2016, and smar allocaions in fixed ineres mean he sraegy avoided much of he negaive volailiy in he fourh quarer. Aon Russell Lifepoins is a noable performer over he long erm, mos opions appearing a or near he op of our mulisecor caegories. Fees Should be Fron and Cenre There was a lo of discussion in he media abou fee ransparency a he end of las year, afer he Minisry of Business, Innovaion and Employmen (MBIE) released a mock-up annual saemen where fees were fron-and-cenre. Some fund managers and indusry paricipans were quick o voice heir concerns, saing ha he focus should no be on fees, bu raher on afer-fee (and ax) reurns. We agree ha afer-fee reurns are wha maers mos, bu in our opinion fees are an imporan baromeer which ell you more abou a fund manager han jus he coss. We spend a lo of ime alking abou fees. I s he one elemen of fuure performance ha fund managers (and invesors) can conrol, and even small differences can ea ino invesors reurns and fuure reiremen asses and income. Invesors should no have o search for he fee associaed wih an invesmen produc i should be laid ou in a consisen manner, include all coss, and be easy o compare agains ohers. The cos of a KiwiSaver scheme also provides insighs ino he sewardship of he firm. For example, i can illusrae wheher he firm s alignmen is mos srongly wih invesors in he company s funds, or wih he company s shareholders. Does he fund manager reduce coss as he firm s asses grow, or coninue o charge he same percenage-based fee? We believe ha he ways fund managers handle fees can be very informaive abou he firm, and ha s why we include fees in our assessmen of he paren company (as well as assessing fees and coss separaely) when our research eam reviews fund managers globally Morningsar, Inc. All righs reserved. Neiher Morningsar, is affiliaes, nor he conen providers guaranee he daa or conen conained herein o be accurae, complee or imely nor will hey have any liabiliy for is use or disribuion. Any general advice or class service have been prepared by Morningsar Ausralasia Py Ld (ABN: , AFSL: ) and/or Morningsar Research Ld, subsidiaries of Morningsar, Inc, wihou reference o your objecives, financial siuaion or needs. Refer o our Financial Services Guide (FSG) for more informaion a You should consider he advice in ligh of hese maers and if applicable, he relevan Produc Disclosure Saemen (Ausralian producs) or Invesmen Saemen (New Zealand producs) before making any decision o inves. Our publicaions, raings and producs should be viewed as an addiional invesmen resource, no as your sole source of informaion. Pas performance does no necessarily indicae a financial produc s fuure performance. To obain advice ailored o your siuaion, conac a professional financial adviser. Some maerial is copyrigh and published under licence from ASX Operaions Py Ld ACN ("ASXO"). 2

3 I s also imporan o undersand ha fees have proven o be one of he bes indicaors of fuure ouperformance in markes around he world. In he US, low-fee funds have proven hey can ouperform high-fee funds. So, we believe ha a focus on all aspecs of fees is jusified, more han jus assessing fund managers on heir afer-fee performance, and ha is why we re wholly supporive of he work he MBIE is doing. Marke Share KiwiSaver asses on he Morningsar daabase grew o NZD 36.7 billion a 31 December 2016 from NZD million a 30 June ANZ has he greaes marke share wih more han NZD 9.45 billion (25.7%), while ASB remains in second posiion wih NZD 6.75 billion (18.4%). Wespac holds hird spo ahead of AMP, while Fisher Funds sis in fifh spo. The six larges KiwiSaver providers accoun for approximaely 84.9% of asses on our daabase. Abou This Survey This survey groups KiwiSaver opions by 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 securiies ha generally produce sable and reliable reurns bu offer lile opporuniy for long-erm capial growh. Reurns from growh asses such as propery and shares will be erraic as recen marke volailiy has demonsraed bu over ime have shown greaer capaciy for increasing in value. The mixure of income and growh asses is he major deerminan of poenial reurn and volailiy. Invesors may noice differences beween he reurns published in his survey and hose hey see elsewhere. There are several possible reasons for his. Firs, he reurns published here are afer fees bu before ax. Second, we ake he associaed ax credi ino consideraion when calculaing and publishing hese reurns, while some fund managers base heir published performance figures on monh-end uni prices only. K Chris Douglas is Direcor of Manager Research Raings, Asia- Pacific wih Morningsar Morningsar, Inc. All righs reserved. Neiher Morningsar, is affiliaes, nor he conen providers guaranee he daa or conen conained herein o be accurae, complee or imely nor will hey have any liabiliy for is use or disribuion. Any general advice or class service have been prepared by Morningsar Ausralasia Py Ld (ABN: , AFSL: ) and/or Morningsar Research Ld, subsidiaries of Morningsar, Inc, wihou reference o your objecives, financial siuaion or needs. Refer o our Financial Services Guide (FSG) for more informaion a You should consider he advice in ligh of hese maers and if applicable, he relevan Produc Disclosure Saemen (Ausralian producs) or Invesmen Saemen (New Zealand producs) before making any decision o inves. Our publicaions, raings and producs should be viewed as an addiional invesmen resource, no as your sole source of informaion. Pas performance does no necessarily indicae a financial produc s fuure performance. To obain advice ailored o your siuaion, conac a professional financial adviser. Some maerial is copyrigh and published under licence from ASX Operaions Py Ld ACN ("ASXO"). 3

4 Copyrigh, Disclaimer & Oher Informaion Use of his repor by subscribers is subjec o he erms and condiions of he Morningsar Services Licence Agreemen including bu no limied o he Morningsar copyrigh, disclaimer and disclosure condiions below. Copyrigh The maerial conained in his documen is copyrigh of Morningsar, Inc., is licensors and any relaed bodies corporae ha are involved in he documen's creaion. All righs reserved. Excep as permied by he Copyrigh Ac 1994, you may no reproduce, ransmi, disseminae, sell or publish his informaion wihou he wrien consen of Morningsar, Inc. If no included in your Morningsar Services License Agreemen, wrien consen can be requesed by conacing your 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 building sraegies, and managed invesmens daa, raings and commenary conained wihin i bu 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 guaranee 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 produc providers and on pas performance of producs. Pas performance is no guaranee of fuure performance. To he exen ha any of he informaion conained herein consiues advice, i is no personalised advice and has been prepared by Morningsar Research Limied (a subsidiary of Morningsar, Inc.) wihou reference o your objecives, financial siuaion or needs. You should 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 you wih personalised financial advice. To obain advice ailored o your paricular circumsances, please conac a professional financial adviser. Disclosure Morningsar Research Ld has no deb or equiy relaionship wih any managed invesmen company or financial advisory group, 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 producs referred o in his repor in ha Morningsar and/or is saff may hold or inend o hold deposis, shares, unis or oher righs in respec of such producs and from ime o ime, Morningsar may provide some of he invesmen produc providers menioned in his repor wih research, sofware, consuling and oher services for a fee. More Informaion Queries regarding licensing and he repor conen should be direced o Morningsar a or helpdesk.au@morningsar.com Morningsar, Inc. All righs reserved. Neiher Morningsar, is affiliaes, nor he conen providers guaranee he daa or conen conained herein o be accurae, complee or imely nor will hey have any liabiliy for is use or disribuion. Any general advice or class service have been prepared by Morningsar Ausralasia Py Ld (ABN: , AFSL: ) and/or Morningsar Research Ld, subsidiaries of Morningsar, Inc, wihou reference o your objecives, financial siuaion or needs. Refer o our Financial Services Guide (FSG) for more informaion a You should consider he advice in ligh of hese maers and if applicable, he relevan Produc Disclosure Saemen (Ausralian producs) or Invesmen Saemen (New Zealand producs) before making any decision o inves. Our publicaions, raings and producs should be viewed as an addiional invesmen resource, no as your sole source of informaion. Pas performance does no necessarily indicae a financial produc s fuure performance. To obain advice ailored o your siuaion, conac a professional financial adviser. Some maerial is copyrigh and published under licence from ASX Operaions Py Ld ACN ("ASXO"). 4

5 Please noe: Snapsho Pas performance is no a guide o fuure performance. This year s bes performers can easily be nex year s wors. Undersanding your risk profile, and he mix of growh and income asses is criical. Fees are he one consan ha will always ea away a your reurns. Take a close look a he cos of your KiwiSaver Scheme. Growh Defaul Opions AMP (Defaul) ANZ Defaul Conservaive (Defaul) ASB Conservaive (Defaul) BNZ Conservaive Booser (Defaul) ***** Fisher TWO Cash Enhanced (Defaul) Kiwi Wealh Defaul *** Mercer Conservaive (Defaul)* Wespac Defensive (Defaul) ^ Peer Group Averages Defaul Opions ** Conservaive (Including Defaul Opions) ** Moderae ** Balanced ** Growh ** Aggressive ** Quick Sas KiwiSaver Toal Marke Size $m 36,728 Increase in Marke Size las 3 monhs $m 816 Esimaed KiwiSaver Marke Asse Allocaion % Larges Providers $m 9,448 ANZ/OneAnswer Cash & NZ Bonds 35.3 $m 6,744 ASB Inernaional Bonds 19.4 NZ Unlised Propery 0.5 Number of Providers 16 NZ Lised Propery 2.3 Number of Producs 143 Inernaional Lised Propery 1.7 NZ Shares 8.7 Highes 3-monh Performance his Quarer % 5.7 AMP Inernaional Shares Ausralian Shares 4.7 Lowes 3-Monh Performance his Quarer % -8.4 Booser Opions Inernaional Shares 26.1 Highes 12-Monh Performance his Quarer % 11.9 Booser Trans-Tasman Share Oher 1.3 Lowes 12-Monh Performance his Quarer % -2.9 NZ Funds Growh Proporion in Income : 54.6 Proporion in Growh : 45.4

6 Muli Secor Opions Growh Conservaive AMP (Defaul) (10) 5.1 (11) 5.5 (10) AMP ANZ Conservaive ANZ Conservaive (16) 5.9 (9) 6.2 (6) ANZ Defaul Conservaive (Defaul) (12) 6.3 (4) 6.4 (4) Aon Russell Lifepoins Conservaive (2) 7.0 (2) 8.1 (1) ASB Conservaive (Defaul) (5) 6.0 (6) 5.9 (8) BNZ Conservaive (4) 6.0 (7) Booser (Defaul) (9) ***** FANZ Lifesages Income (14) Fisher Conservaive (7) 5.6 (10) 6.5 (3) Fisher TWO Cash Enhanced (Defaul) (6) 6.1 (5) 6.1 (7) Kiwi Wealh Conservaive (17) 5.0 (12) 5.8 (9) *** Kiwi Wealh Defaul (11) *** Mercer Conservaive (Defaul)* (3) 6.4 (3) 6.9 (2) Milford Conservaive (1) 9.7 (1) NZ Defence Force Conservaive (8) OneAnswer Conservaive (15) 5.9 (8) 6.3 (5) Simpliciy KiwiSaver Wespac Defensive (Defaul) (13) ^ Average ** Morningsar NZ Muli Secor Conservaive Index

7 Muli Secor Opions Growh Moderae AMP Income Generaor AMP ASB Moderae AMP Nikko AM Conservaive AMP LS Conservaive (11) 4.7 (13) 5.2 (11) AMP LS Moderae (8) 5.2 (12) 6.3 (9) ANZ Conservaive Balanced (14) 6.8 (7) 8.0 (4) ANZ Defaul Conservaive Balanced (15) 6.9 (6) 7.7 (6) Aon Russell Lifepoins (6) 7.1 (3) 8.6 (2) Aon Russell Lifepoins Moderae (2) 8.0 (1) 9.8 (1) ASB Moderae (3) 7.4 (2) 7.8 (5) BNZ Moderae (1) 6.9 (5) Booser AC Conservaive (4) ***** Booser Conservaive (10) 5.9 (10) 5.4 (10) ***** Fisher TWO Conservaive (9) 6.2 (9) 6.6 (7) Generae Conservaive (17) 7.1 (4) Mercer Moderae* (5) NZ Defence Force Moderae (7) OneAnswer Conservaive Balanced (13) 6.8 (8) 8.0 (3) Wespac Conservaive (16) 5.8 (11) 6.3 (8) Wespac Moderae (12) ^ Average ** Morningsar NZ Muli Secor Moderae Index

8 Muli Secor Opions (coninued) Growh Balanced AMP Fisher TWO Balanced (11) 7.7 (10) 8.9 (12) AMP Global Muli-Asse AMP Responsible Inv Bal AMP ASB Balanced AMP LS Balanced (6) 6.0 (16) 8.0 (14) AMP LS Moderae Balanced (12) 5.6 (17) 7.2 (16) ANZ Balanced (17) 7.6 (11) 9.7 (7) ANZ Defaul Balanced (18) 7.7 (8) 9.2 (11) Aon ANZ Balanced (14) 7.5 (13) 10.0 (4) Aon Russell Lifepoins (7) 8.0 (5) 10.3 (3) Aon Russell Lifepoins Balanced (5) 8.9 (2) 11.5 (2) ASB Balanced (1) 8.5 (3) 9.8 (5) BNZ Balanced (3) 7.7 (9) Booser Balanced (9) 7.2 (14) 7.4 (15) ***** Booser SRI Balanced (13) ***** Fisher TWO Balanced (10) 7.6 (12) 8.8 (13) Kiwi Wealh Balanced (19) 6.1 (15) 9.2 (10) *** Mercer Balanced* (2) 8.0 (4) 9.6 (8) Milford Balanced (8) 10.4 (1) 13.2 (1) NZ Defence Force Balanced (4) OneAnswer Balanced (16) 7.7 (7) 9.8 (6) Simpliciy Balanced Wespac Balanced (15) 7.8 (6) 9.3 (9) Average ** Morningsar NZ Muli Secor Balanced Index

9 Muli Secor Opions (coninued) Growh Growh AMP ANZ Balanced Plus (17) 8.0 (16) 10.7 (10) AMP ANZ Growh AMP ASB Growh AMP Nikko AM Growh AMP LS Growh (4) 6.5 (18) 9.3 (15) AMP Nikko AM Balanced (18) 8.2 (14) 9.8 (13) ANZ Balanced Growh (15) 8.4 (11) 11.4 (8) ANZ Defaul Balanced Growh (16) 8.5 (10) 10.7 (11) ANZ Defaul Growh (13) 9.1 (4) 12.1 (4) ANZ Growh (11) 9.1 (5) 13.0 (2) Aon Russell Lifepoins (9) 8.9 (7) 11.9 (5) Aon Russell Lifepoins Growh (6) 9.5 (2) 12.8 (3) Aon Nikko AM Balanced (19) 8.1 (15) 9.7 (14) ASB Growh (1) 9.7 (1) 11.7 (6) BNZ Growh (5) 8.3 (13) Booser Balanced Growh (7) 7.9 (17) 8.9 (16) ***** Fisher TWO Growh (8) 8.4 (12) 10.6 (12) Generae Growh (20) 8.9 (6) Mercer Growh* (2) NZ Defence Force Growh (3) OneAnswer Balanced Growh (14) 8.5 (9) 11.5 (7) OneAnswer Growh (10) 9.2 (3) 13.1 (1) Simpliciy Growh Wespac Growh (12) 8.8 (8) 11.0 (9) Average ** Morningsar NZ Muli Secor Growh Index

10 Muli Secor Opions (coninued) Growh Aggressive AMP LS Aggressive (5) 6.9 (7) 10.2 (7) Aon Russell Lifepoins (7) 9.3 (3) 13.1 (1) Booser AC Growh (1) ***** Booser Geared Growh (2) 10.0 (1) 11.2 (5) ***** Booser High Growh (6) 8.4 (5) 10.3 (6) ***** Fisher Growh (8) 7.4 (6) 11.5 (4) Generae Focused Growh (10) 8.6 (4) Kiwi Wealh Growh (9) 6.9 (8) 12.4 (2) *** Mercer High Growh* (3) 9.9 (2) 12.3 (3) NZ Defence Force High Growh (4) Average ** Morningsar NZ Muli Secor Aggressive Index

11 Single Secor Opions Growh Cash AMP Cash (13) 2.6 (12) 2.7 (10) ANZ Cash (3) 3.1 (2) 3.0 (4) ANZ Defaul Cash (5) 3.0 (5) 3.0 (6) Aon ANZ Cash (12) 2.6 (13) 2.5 (11) Aon Nikko AM Cash (8) 3.0 (9) 3.1 (1) ASB NZ Cash (6) 3.1 (3) 2.9 (8) BNZ Cash (2) 2.9 (11) Booser Enhanced Income (11) 2.9 (10) 3.0 (5) ***** Fisher TWO Preservaion (10) 3.0 (7) 3.1 (2) Kiwi Wealh Cash (1) 3.4 (1) -- *** Mercer Cash* (7) 3.1 (4) 3.0 (3) NZ Defence Force Cash OneAnswer Cash (9) 3.0 (8) 2.9 (9) Wespac Cash (4) 3.0 (6) 3.0 (7) Fixed Ineres AMP NZ Fixed Ineres AMP Inernaional Fixed OneAnswer Inernaional Fixed Ineres OneAnswer New Zealand Fixed Ineres Inernaional Share AMP Inernaional Shares AMP Passive Inernaional FANZ Lifesages High Growh (4) Booser Inernaional Share (3) 8.5 (3) 11.6 (2) ***** Fisher TWO Equiy (5) 8.9 (2) 11.1 (3) Mercer Shares* (1) NZ Defence Force Shares (2) OneAnswer Inernaional Share (6) 9.4 (1) 13.8 (1) OneAnswer Susainable Growh (7) 6.8 (4) 9.7 (4) Propery AMP Propery OneAnswer Ausralasian Propery OneAnswer Inernaional Propery

12 Single Secor Opions (coninued) Ausralian Ausralasian Equiy AMP Ausralasian Shares Aon Milford (5) 11.1 (3) 15.7 (3) Booser Socially Responsible (3) 8.8 (4) 9.7 (4) ***** Booser Trans-Tasman Share (1) 7.3 (5) 6.8 (5) ***** Milford Acive Growh (4) 11.6 (2) 16.1 (1) OneAnswer Ausralasian Share (2) 13.0 (1) 16.1 (2) Miscellaneous Booser Capial Guaraneed ***** 0.91 Booser Opions ***** 1.20 Kiwi Wealh Cash Plus *** 0.84 NZ Funds Growh NZ Funds Income NZ Funds Inflaion Wespac Capial Proec Plan Wespac Capial Proec Plan Wespac Capial Proec Plan Wespac Capial Proec Plan Wespac Capial Proec Plan

13 Marke Share Analysis AUM, Dec 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) u (3) (3) (3) ANZ/OneAnswer (1) (1) (1) (1) Aon (11) (11) (11) u (10) ASB (2) (2) (2) (2) BNZ (9) (9) (9) (12) Booser (8) (8) (8) (8) Fisher Funds (5) (5) (5) (5) FANZ (14) Forsyh Barr (16) u (14) (15) u (14) Generae (12) (12) (13) (16) Kiwi Wealh (6) (6) (6) (6) Mercer (7) (7) (7) (7) Milford (10) (10) (10) (11) NZ Funds (13) (13) u (12) (13) Simpliciy (15) Wespac (3) (4) (4) (4) Closed/Merged Providers Brook, Mid (15) FirsChoice, End (14) (9) Saples Rodway (14) (13) (14) Toal 36,728 30,841 25,083 19,884 has been prepared by Morningsar Ausralasia Py Ld ABN: , AFSL: and/or Morningsar Research Limied (subsidiaries of Morningsar, Inc.) wihou reference o your objecives, financial siuaion or needs. You should consider he advice in ligh of hese maers and, if applicable, he relevan Produc Disclosure Saemen (in respec of Ausralian producs) or Invesmen Saemen (in respec of New Zealand producs) before making any decision o inves. Neiher Morningsar, nor Morningsar s subsidiaries, nor Morningsar s employees can provide you wih personalised financial advice. To obain advice ailored o your paricular circumsances, please conac a professional financial adviser. Please refer o our Financial Services Guide (FSG) for more informaion Reurns are before ax and afer fees. The performance for ASB, AMP, Forsyh Barr and Tower reflecs fees ha are charged as a percenage of your accoun balance and paid by cancelling unis. Please conac Morningsar if you require clarificaion. Morningsar requesed a (Toal Expense Raio) TER o be provided and calculaed by Providers in line wih he IOSCO inernaional sandard calculaion, excluding dollar-based accoun fees. The dollar-based accoun or membership fees are payable in addiion o he oher fees capured in he TER, and are no refleced in he fund's performance. Und. = Undisclosed. * - Performance numbers supplied direcly from he provider raher han calculaed independenly by Morningsar.** - Median raher han a mean. *** - Minimum fee up o $40/50 depending on opion is charged, inclusive of oher coss. **** - $40 fee bu $0 if balance is over $5,000.