KiwiSaver Survey September Quarter 2015
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- Lynn Fletcher
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1 KiwiSaver Survey Sepember Quarer 2015 Volailiy se ino global equiy markes during he quarer amid concerns abou economic and financial uncerainy in China and poenial conagion across global economies. Negaive reurns were fel across mos KiwiSaver funds, alhough conservaive funds found reprieve in posiive cash and fixed ineres markes. The majoriy of KiwiSaver funds were insulaed from he significan sell-off in emerging markes shares. Ellio Smih 21-Ocober-15 Morningsar s quarerly KiwiSaver Survey is designed o help New Zealand invesors assess he performance and oher key characerisics of heir KiwiSaver superannuaion opions. The accompanying ables show KiwiSaver fund reurns for he one, hree and five years o 30 Sepember We hope you find his KiwiSaver survey helpful and welcome any feedback. Marke Commenary Volailiy se ino global equiy markes during he Sepember quarer following an exended period of calm in recen years. The urbulence seemed o sem from concerns abou slowing growh and financial sresses in China. Global invesors wached wih inense scruiny as senior Chinese officials ried o suppor rapidly declining sock markes, rebalance he slowing economy o a consumpion-driven model and manage an over-valued currency pegged o he US dollar. Given he srong run in mos major equiy markes over he pas few years, valuaions were paricularly suscepible o uncerainy or bad news. Boh developed and emerging equiy markes go punished as invesors veered o he safey of risk-free asses such US, German and Japanese sovereign bonds. Global markes fell 3.09% in aggregae (in NZD erms) during he quarer. Wihin his, he US S&P 500 fell 1.09%, he UK FTSE gave up 4.41%, he Euro Soxx slipped 4.09% and he Japanese Nikkei slumped 7.18%. The damage was worse for NZD-hedged invesmens, as he NZ dollar fell 6.38%, 6.69%, 3.12% and 8.31% agains he US dollar, Briish pound, Euro and Japanese yen respecively. Emerging markes did no fare well, in aggregae hey gave up 13.08% (NZD erms). Closer o home, here was no reprieve for he Ausralian equiy marke as resource socks were sold off paricularly heavily amid concerns of easing demand from China. The S&P/ASX 200 los 6.58% (in AUD) while he NZD also srenghened 2.75% agains he AUD, rubbing sal ino he wound if exposure was lef unhedged. The S&P/NZX50 was relaively resilien and only fell 2.33%. This was likely a resul of a saisfacory earnings season wih no major negaive surprises, and he yield on offer helping limi capial loss 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"). 1
2 Uncerainy surrounding he healh of he US economy and how he Federal Reserve perceives i also heighened during he quarer. Many had expeced Jane Yellen o raise ineres raes in Sepember as he saed US economic daa arges for ighening had been reached. However, raes were kep on hold, Yellen saing subdued inflaion and recen global economic and financial developmens as he caalyss for no movemen. The heighened global uncerainy mean ha governmen bonds from crediworhy counries were in demand. Global fixed ineres markes were up 2.08%, as measured by he Barclays Global Aggregae NZD Hedged Index. The Reserve Bank of New Zealand sepped up moneary easing wih wo anicipaed 25bps drops in he OCR in July and Sepember. I poined o he rapidly slowing dairy secor and low inflaion as he impeus. This was posiive for local bond invesors as he S&P/NZX NZ Composie Index reurned 2.18%. The local lised propery marke came hrough he marke urbulence largely unscahed as invesors ook comfor in is relaively defensive naure and, poenially, he Fed s decision o wai on rae rises provided some comfor. The S&P/NZX Propery index gave up 0.2%. Global lised propery held up reasonably well relaive o broader global equiies bu afer he effecs of currency and hedging, he index we use o measure he secor fell 3.7%. Quarerly Fund Manager Resuls The change in ides regarding performance of he individual asse classes naurally mean a shif in he relaive sandings across KiwiSaver profiles during he quarer. There was a direc correlaion beween he performance of he Morningsar caegories and heir allocaion o income asses such as cash and bonds. The conservaive caegory was he lone posiive performer wih an average reurn of 0.20%, while he aggressive caegory had he wors average reurn of -4.47%. Alhough, looking over he longer erm, he growh-orienaed caegories are sill he op performers. The urbulen marke condiions resuled in a mix of opperforming KiwiSaver providers across he risk specrum during he quarer. Fisher Two was he op performer wihin he conservaive caegory as i benefied from is exposure o direc propery. Generae opped he moderae caegory again as srong securiy selecion propelled reurns. I has been he sronges moderae fund over he pas year by a considerable margin. Milford was he op performer wihin he balanced caegory as a decision o dial back he exposure o growh asses has proved fruiful. AMP Nikko and Forsyh Barr were he op performers in he growh and aggressive caegories respecively, his a resul of greaer exposure o NZ equiies han peers, while he underlying performance of his exposure was also op noch in boh insances. I is mos appropriae o evaluae performance of a KiwiSaver scheme by sudying is long-erm reurns. Aon Russell and ANZ coninue o be a or near he op of mos caegories and are he mos consisen performers across he board. Kiwi Wealh coninues o be a op performer wihin he aggressive caegory, while Milford comforably ops he balanced caegory. Impac of Slump in Emerging Markes Emerging markes (EM) equiies were he wors performing asse class during he quarer, however, he majoriy of KiwiSaver funds were no direcly affeced by he sell-off. Of he KiwiSaver managers ha we cover, AMP and Mercer are he only providers ha include emerging marke shares in heir sraegic asse allocaion. Wihin heir balanced funds, hey allocae 7.5% and 3.6% of he porfolio o he asse class respecively. Boh AMP and Mercer provide sound long-erm fundamenal reasoning for heir invesmen in EM equiies and we hink hese allocaions are reasonable. Mos KiwiSaver funds will have indirec exposure o he asse class by oher means hough. This is achieved hrough he underlying inernaional equiy managers invesing in EM or mulinaional companies. For insance, Nesle is domiciled in Swizerland bu a significan porion of is revenue comes from EM counries. As a 31 March 2015, he average allocaion o 2015 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 EM equiies wihin balanced KiwiSaver funds was 1.81%. So mos KiwiSaver funds were affeced by he global equiy marke conagion, bu were largely insulaed from he wors of he EM declines. For he mos par, we commend he KiwiSaver providers for producing appropriaely-diversified KiwiSaver funds. The sraegic asse allocaion across he board is sensible, wih srong emphasis placed on long-erm reurns and preservaion of capial. Volaile marke condiions will provide some angs for invesors bu hey should ake comfor in heir reiremen nes egg if i is invesed in he mos appropriae risk profile. Asses Under Managemen KiwiSaver asses on he Morningsar daabase grew o NZ$29.31 billion a 30 Sepember 2015 from NZ$ million a 30 June 2008, which is a phenomenal growh rae. ANZ and ASB remained he dominan players a 30 Sepember 2015, wih a seady 44.1% of KiwiSaver asses beween hem. AMP reained hird spo ahead of Wespac, while Fisher Funds remained in fifh spo. The indusry remains highly-concenraed, wih he six larges KiwiSaver providers accouning for 86.1% of asses on our daabase. Abou This Survey This survey groups 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 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 all 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 Ellio Smih is a Manager Research Analys wih Morningsar Ausralasia 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 Clien Services a helpdesk.nz@morningsar.com 2015 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 Morningsar KiwiSaver Repor: 30 Sepember 2015 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. Asses Toal Reurns % p.a 31/03/2015 Toal Expense Raio NZ Domiciled Asses Growh Asses Defaul Opions AMP (Defaul) ANZ Defaul Conservaive (Defaul) ASB Conservaive (Defaul) BNZ Conservaive Fisher TWO Cash Enhanced (Defaul) Grosvenor (Defaul) ***** 0.26^ Kiwi Wealh Defaul *** Mercer Conservaive (Defaul)* Wespac Defensive (Defaul) ^ 0.36^ Peer Group Averages Defaul Opions ** Conservaive (Including Defaul Opions) ** Moderae ** Balanced ** Growh ** Aggressive ** Quick Sas KiwiSaver Toal Marke Size $m 29,305 Increase in Marke Size las 3 monhs $m 1,124 Esimaed KiwiSaver Marke Asse Allocaion % Larges Providers $m 7,502 ANZ/OneAnswer Cash & NZ Bonds 34.6 $m 5,436 ASB Inernaional Bonds 19.2 NZ Unlised Propery 0.6 Number of Providers 16 NZ Lised Propery 1.9 Number of Producs 123 Inernaional Lised Propery 1.9 NZ Shares 7.7 Highes 3-monh Performance his Quarer % 5.3 Grosvenor Opions Ausralian Shares 4.8 Lowes 3-Monh Performance his Quarer % -7.2 AMP LS Aggressive Inernaional Shares 27.8 Highes 12-Monh Performance his Quarer % 19.4 OneAnswer Inernaional Share Oher 1.5 Lowes 12-Monh Performance his Quarer % -2.3 Grosvenor Trans-Tasman Share Proporion in Income Asses: 53.8 Proporion in Growh Asses: Morningsar, Inc. All righs reserved. Neiher Morningsar, nor is affiliaes nor heir 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. To he exen ha any of his informaion consiues advice, i is general advice and 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 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. ***** - No member fee for balances below $10,000, oherwise $30. ^ - fees are no for a full year. # - caegory changed from Moderae o Conservaive during quarer due o fund srucure change
6 Morningsar KiwiSaver Repor: 30 Sepember 2015 Muli Secor Opions Asses Toal Reurns % p.a 31/03/2015 Toal Expense Raio NZ Domiciled Asses Growh Asses Conservaive AMP (Defaul) (16) 5.4 (11) 5.0 (11) ANZ Conservaive (4) 6.8 (6) 6.6 (4) ANZ Defaul Conservaive (Defaul) (6) 6.6 (7) 6.6 (2) Aon Russell Lifepoins Conservaive (2) 7.8 (1) 7.8 (1) ASB Conservaive (Defaul) (12) 6.0 (10) 5.6 (9) BNZ Conservaive (14) Fisher Conservaive (7) 7.0 (3) 6.4 (6) Fisher TWO Cash Enhanced (Defaul) (10) 6.0 (9) 6.0 (8) Grosvenor (Defaul) (8) ***** 0.26^ Kiwi Wealh Conservaive (3) 6.9 (4) 6.5 (5) *** Kiwi Wealh Defaul (13) *** Mercer Conservaive (Defaul)* (9) 7.1 (2) 6.4 (7) Milford Conservaive# (1) OneAnswer Conservaive (5) 6.8 (5) 6.6 (3) Smarshares Conservaive (15) 6.2 (8) 5.4 (10) **** 0.76 Und. Und. Wespac Defensive (Defaul) (11) ^ 0.36^ Average ** Morningsar NZ Muli Secor Conservaive Index Morningsar, Inc. All righs reserved. Neiher Morningsar, nor is affiliaes nor heir 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. To he exen ha any of his informaion consiues advice, i is general advice and 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 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. ***** - No member fee for balances below $10,000, oherwise $30. ^ - fees are no for a full year. # - caegory changed from Moderae o Conservaive during quarer due o fund srucure change
7 Morningsar KiwiSaver Repor: 30 Sepember 2015 Muli Secor Opions Asses Toal Reurns % p.a 31/03/2015 Toal Expense Raio NZ Domiciled Asses Growh Asses Moderae AMP LS Conservaive (14) 5.0 (11) 5.3 (11) AMP LS Moderae (15) 5.8 (9) 5.7 (9) ANZ Conservaive Balanced (2) 8.7 (3) 8.0 (4) ANZ Defaul Conservaive Balanced (3) 8.3 (5) 7.8 (5) Aon Russell Lifepoins (6) 8.4 (4) 8.0 (3) Aon Russell Lifepoins Moderae (4) 9.7 (1) 8.7 (1) ASB Moderae (7) 7.9 (6) 7.0 (6) BNZ Moderae (13) Fisher TWO Conservaive (9) 6.4 (8) 6.2 (8) Generae Conservaive (1) Grosvenor AC Conservaive (12) ^ Grosvenor Conservaive (11) 5.1 (10) 5.5 (10) Mercer Moderae* OneAnswer Conservaive Balanced (5) 8.7 (2) 8.1 (2) Wespac Conservaive (10) 6.5 (7) 6.4 (7) Wespac Moderae (8) ^ 0.54^ Average ** Morningsar NZ Muli Secor Moderae Index Morningsar, Inc. All righs reserved. Neiher Morningsar, nor is affiliaes nor heir 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. To he exen ha any of his informaion consiues advice, i is general advice and 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 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. ***** - No member fee for balances below $10,000, oherwise $30. ^ - fees are no for a full year. # - caegory changed from Moderae o Conservaive during quarer due o fund srucure change
8 Morningsar KiwiSaver Repor: 30 Sepember 2015 Muli Secor Opions (coninued) Asses Toal Reurns % p.a 31/03/2015 Toal Expense Raio NZ Domiciled Asses Growh Asses Balanced AMP Fisher TWO Balanced (15) 8.1 (14) 7.1 (13) AMP LS Balanced (19) 7.1 (16) 6.7 (14) AMP LS Moderae Balanced (18) 6.5 (17) 6.2 (16) ANZ Balanced (4) 10.6 (5) 9.3 (4) ANZ Defaul Balanced (5) 9.9 (10) 8.9 (8) Aon ANZ Balanced (11) 10.3 (7) 9.2 (5) Aon Russell Lifepoins (7) 10.4 (6) 9.1 (6) Aon Russell Lifepoins Balanced (6) 11.6 (3) 9.7 (2) ASB Balanced (10) 10.1 (8) 8.4 (10) BNZ Balanced (17) Fisher TWO Balanced (16) 8.3 (12) 7.3 (12) Grosvenor Balanced (13) 7.4 (15) 6.1 (17) Grosvenor SRI Balanced (8) ^ 0.91^ Kiwi Wealh Balanced (2) 11.7 (2) 8.9 (7) *** Mercer Balanced* (14) 9.9 (11) 8.1 (11) Milford Balanced (1) 13.6 (1) 11.7 (1) OneAnswer Balanced (3) 10.7 (4) 9.4 (3) Smarshares Balanced (12) 8.3 (13) 6.3 (15) **** 0.76 Und. Und. Wespac Balanced (9) 10.1 (9) 8.8 (9) Average ** Morningsar NZ Muli Secor Balanced Index Morningsar, Inc. All righs reserved. Neiher Morningsar, nor is affiliaes nor heir 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. To he exen ha any of his informaion consiues advice, i is general advice and 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 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. ***** - No member fee for balances below $10,000, oherwise $30. ^ - fees are no for a full year. # - caegory changed from Moderae o Conservaive during quarer due o fund srucure change
9 Morningsar KiwiSaver Repor: 30 Sepember 2015 Muli Secor Opions (coninued) Asses Toal Reurns % p.a 31/03/2015 Toal Expense Raio NZ Domiciled Asses Growh Asses Growh AMP ANZ Balanced Plus (16) 11.1 (13) 9.9 (11) AMP LS Growh (21) 8.0 (19) 7.1 (17) AMP Nikko AM Balanced (3) 10.8 (14) 8.6 (14) ANZ Balanced Growh (9) 12.5 (6) 10.6 (5) ANZ Defaul Balanced Growh (11) 11.6 (10) 10.0 (9) ANZ Defaul Growh (6) 13.3 (3) 11.1 (3) ANZ Growh (5) 14.2 (2) 11.8 (2) Aon Russell Lifepoins (13) 12.1 (7) 10.0 (10) Aon Russell Lifepoins Growh (12) 13.1 (4) 10.5 (6) Aon Nikko AM Balanced (10) 10.7 (15) 8.5 (15) ASB Growh (17) 12.1 (8) 9.4 (12) BNZ Growh (20) Fisher TWO Growh (19) 9.9 (16) 8.4 (16) Forsyh Barr Balanced (2) 8.3 (18) 6.6 (18) Generae Growh (1) ^ Grosvenor Balanced Growh (18) 9.1 (17) 6.4 (19) Mercer Growh* OneAnswer Balanced Growh (8) 12.6 (5) 10.7 (4) OneAnswer Growh (4) 14.3 (1) 11.9 (1) Saples Rodway Balanced* (14) 11.4 (11) 10.2 (7) Saples Rodway Growh* (7) 11.1 (12) 9.1 (13) Wespac Growh (15) 12.0 (9) 10.1 (8) Average ** Morningsar NZ Muli Secor Growh Index Morningsar, Inc. All righs reserved. Neiher Morningsar, nor is affiliaes nor heir 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. To he exen ha any of his informaion consiues advice, i is general advice and 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 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. ***** - No member fee for balances below $10,000, oherwise $30. ^ - fees are no for a full year. # - caegory changed from Moderae o Conservaive during quarer due o fund srucure change
10 Morningsar KiwiSaver Repor: 30 Sepember 2015 Muli Secor Opions (coninued) Asses Toal Reurns % p.a 31/03/2015 Toal Expense Raio NZ Domiciled Asses Growh Asses Aggressive AMP LS Aggressive (10) 8.7 (8) 7.5 (5) Aon Russell Lifepoins (4) 13.6 (2) 10.7 (1) Fisher Growh (8) 12.0 (4) 8.1 (4) Forsyh Barr Growh (2) 10.0 (7) 7.4 (6) Generae Focused Growh (1) Grosvenor AC Growh (9) ^ 0.87^ Grosvenor Geared Growh (5) 11.5 (5) 7.0 (7) Grosvenor High Growh (7) 10.9 (6) 6.7 (8) Kiwi Wealh Growh (3) 16.3 (1) 10.7 (2) *** Mercer High Growh* (6) 12.4 (3) 9.6 (3) Average ** Morningsar NZ Muli Secor Aggressive Index Morningsar, Inc. All righs reserved. Neiher Morningsar, nor is affiliaes nor heir 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. To he exen ha any of his informaion consiues advice, i is general advice and 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 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. ***** - No member fee for balances below $10,000, oherwise $30. ^ - fees are no for a full year. # - caegory changed from Moderae o Conservaive during quarer due o fund srucure change
11 Morningsar KiwiSaver Repor: 30 Sepember 2015 Single Secor Opions Asses Toal Reurns % p.a 31/03/2015 Toal Expense Raio NZ Domiciled Asses Growh Asses Cash AMP Cash (12) 3.0 (12) 3.0 (10) ANZ Cash (2) 3.3 (8) 3.2 (6) ANZ Defaul Cash (6) 3.2 (9) 3.2 (5) Aon ANZ Cash (13) 2.7 (13) 2.8 (12) Aon Nikko AM Cash (9) 3.3 (6) 3.3 (1) ASB NZ Cash (3) 3.3 (7) 3.0 (11) BNZ Cash (14) Fisher TWO Preservaion (5) 3.4 (2) 3.3 (4) Grosvenor Enhanced Income (10) 3.3 (5) 3.3 (2) Kiwi Wealh Cash (1) 3.7 (1) -- *** Mercer Cash* (4) 3.3 (4) 3.3 (3) OneAnswer Cash (7) 3.1 (11) 3.1 (8) Saples Rodway Conservaive* (11) 3.3 (3) 3.2 (7) Wespac Cash (8) 3.2 (10) 3.0 (9) Fixed Ineres OneAnswer Inernaional Fixed Ineres OneAnswer New Zealand Fixed Ineres Inernaional Share Fisher TWO Equiy (4) 10.8 (4) 7.7 (4) Grosvenor Inernaional Share (3) 14.6 (3) 8.2 (3) Mercer Shares* OneAnswer Inernaional Share (1) 19.5 (1) 12.6 (1) OneAnswer Susainable Growh (2) 15.0 (2) 8.7 (2) Propery OneAnswer Ausralasian Propery OneAnswer Inernaional Propery Morningsar, Inc. All righs reserved. Neiher Morningsar, nor is affiliaes nor heir 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. To he exen ha any of his informaion consiues advice, i is general advice and 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 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. ***** - No member fee for balances below $10,000, oherwise $30. ^ - fees are no for a full year. # - caegory changed from Moderae o Conservaive during quarer due o fund srucure change
12 Morningsar KiwiSaver Repor: 30 Sepember 2015 Single Secor Opions (coninued) Asses Toal Reurns % p.a 31/03/2015 Toal Expense Raio NZ Domiciled Asses Ausralian Asses Ausralasian Equiy Aon Milford (2) 15.2 (2) 14.2 (2) Grosvenor Socially Responsible (4) 8.7 (5) 6.1 (5) Grosvenor Trans-Tasman Share (6) 1.5 (6) -0.7 (6) Milford Acive Growh (1) 15.6 (1) 14.5 (1) OneAnswer Ausralasian Share (5) 14.3 (3) 13.2 (3) Smarshares Growh (3) 13.4 (4) 8.5 (4) **** 0.79 Und. Und. Miscellaneous Grosvenor Capial Guaraneed ^ 0.59^ Grosvenor Opions ^ 0.74^ Kiwi Wealh Cash Plus *** 0.91 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 Morningsar, Inc. All righs reserved. Neiher Morningsar, nor is affiliaes nor heir 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. To he exen ha any of his informaion consiues advice, i is general advice and 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 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. ***** - No member fee for balances below $10,000, oherwise $30. ^ - fees are no for a full year. # - caegory changed from Moderae o Conservaive during quarer due o fund srucure change
13 Marke Share Analysis AUM, Sep 2015 AUM, Dec 2014 AUM, Dec 2013 AUM, Dec 2012 $M % Rank Rank Change $M % Rank Rank Change $M % Rank Rank Change $M % Rank By Provider AMP (3) (3) (3) (4) ANZ/OneAnswer (1) (1) (1) (1) Aon (11) (11) u (10) (11) ASB (2) (2) (2) (2) BNZ (9) (9) (12) Fisher Funds (5) (5) (5) (9) Forsyh Barr (16) (17) u (16) (17) Generae (13) (15) (18) Grosvenor (8) (8) (8) (14) Kiwi Wealh (6) (6) (6) (7) Mercer (7) (7) (7) (8) Milford (10) (10) (11) (13) NZ Funds (12) (12) (13) Smarshares (15) u (14) (15) (16) Saples Rodway (14) u (13) (14) (15) Wespac (4) (4) (4) u (3) Closed/Merged Providers AXA o AMP, Early (6) Tower o Fisher, Mid (5) Fideliy o Grosvenor, Mid (12) Brook, Mid (17) (18) FirsChoice, End (16) (9) (10) Toal 29,305 25,120 18,773 14, Morningsar, Inc. All righs reserved. Neiher Morningsar, nor is affiliaes nor heir 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. To he exen ha any of his informaion consiues advice, i is general advice and 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.
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