IGHT - ANZ Bank New Zealand...OneAnswer Single-Asset-Class Funds New Zealand Fixed Interest Fund...
Transcript of IGHT - ANZ Bank New Zealand...OneAnswer Single-Asset-Class Funds New Zealand Fixed Interest Fund...
New Zealand Fixed Interest Fund
Fund description
Market and fund review
Fund performance Fund performance since launch
1mth 3mth 6mth 1yr
3yrs
(ann)
5yrs
(ann)
Since
Launch
(ann)
At 0% PIR Tax 1.5% 1.7% 0.3% 7.1% 5.4% 4.7% 6.3%
At 28% PIR Tax 1.1% 1.2% 0.2% 5.0% 3.8% 3.4% 4.3%
Actual investment mix
Top 10 holdings
1 NZ Govt 2.75% 15/04/2037 9.1%
2 NZ Govt 3.0% 20/04/2029 7.4%
3 NZ Govt 2.75% 15/04/2025 7.3%
4 NZ Govt 3.5% 14/04/2033 6.3%
5 NZ Govt 4.5% 15/04/2027 5.8%
6 ASB Bank Ltd. 1.83% 19/08/2024 4.0%
7 NZ Govt 1.5% 15/05/2031 3.6%
8 Kiwibank Ltd. 2.155% 20/09/2024 3.4%
9 NZ Govt 6.0% 15/05/2021 3.3%
10 BNZ Ltd. 3.648% 16/11/2023 3.1%
Total Top 10 Holdings 53.3%
# of NZ Fixed Interest Holdings 57
29 February 2020
31 January 2016
0%
50%
100%
150%
200%
250%
300%
350%
400%
450%
500%
Mar-9
1
Mar-9
3
Mar-9
5
Mar-9
7
Mar-9
9
Mar-0
1
Mar-0
3
Mar-0
5
Mar-0
7
Mar-0
9
Mar-1
1
Mar-1
3
Mar-1
5
Mar-1
7
Mar-1
9
0 % PIR
28% PIR
Invests mainly in New Zealand fixed interest assets. Investments may include fixed interest assets issued by New Zealand
or international entities denominated in New Zealand dollars, and cash and cash equivalents.
Performance is after fund fees and stated PIR. The 28% PIR return series shows
returns at the highest PIR at the time of the performance. The fund became a PIE
fund on 1 October 2007. Performance of the 0% PIR prior to this date has been
recalculated on a before tax basis. Performance of the 28% PIR prior to this date are
reflective of the tax regime for that period. Performance for periods longer than one
year are annualised.
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Government
Securities
44.8%
Local Authorities &
State Owned
Enterprises
14.3%
Corporate Bonds
27.4%
Cash
13.5%
The fund rose 1.5% in February, slightly behind its benchmark.
It was a good month for local bond investors as a pickup in volatility, thanks in part to the coronavirus outbreak, saw
government bonds and other safe-haven assets, rise. The virus raised fears of a slowdown in global trade and tourism given
New Zealand’s close trading relationship to China. Over the month, the New Zealand 10-year government bond yield fell 24
basis points to 1.06%.
Meanwhile, it was a mixed month for economic data: The New Zealand unemployment rate fell to 4%, while retail sales for
the fourth quarter of 2019 came in below expectations at 0.7%.
The fund holds a mixture of government bonds and corporate bonds and the pickup in volatility saw government bonds,
those deemed less risky, outperform corporate bonds.
With the pickup in volatility and concerns around the economic impact of the coronavirus, it appears the Reserve Bank of
New Zealand will remain accommodative and ready to support the economy if needed.
OneAnswer Investment Funds - Single-Asset Class
The actual investment mix of this fund is based on the assets held in the fund and the underlying funds,
in which the fund invests.
OneAnswer Single-Asset-Class Funds
New Zealand Fixed Interest Fund
Current fund structure
29 February 2020
Additional fund details
Minimum transaction amounts Detailed fund information
Lump sum withdrawals $500 Guide and product disclosure statement
Regular withdrawals $100
Forms to alter your investment
Fees See form section of product disclosure statement
Annual fund charge 0.72%
Contact information
Launch date 0800 736 034
1 February 1991 [email protected]
investments.anz.co.nz
Information is current as at the date of this document and may change on a daily basis.
Past performance does not indicate future performance. The actual performance any given investor realises will depend on many things,
is not guaranteed and may be negative as well as positive.
This document is for information purposes only. Its content is intended to be of a general nature, does not take into account your
financial situation or goals, and is not a personalised financial adviser service under the Financial Advisers Act 2008. It is recommended
you seek advice from an authorised financial adviser which takes into account your individual circumstances before you acquire afinancial product. The OneAnswer New Zealand Fixed Interest Fund is offered and managed by ANZ New Zealand Investments Limited
(ANZ Investments). Investments in the OneAnswer New Zealand Fixed Interest Fund are not deposits in ANZ Bank New Zealand Limited
or Australia and New Zealand Banking Group Limited (together ‘ANZ Group’), nor are they liabilities of ANZ Group. ANZ Group does not
stand behind or guarantee ANZ Investments. Investments are subject to investment risk, including possible delays in repayment, and loss of income and principal invested. ANZ Group will not be liable to you for the capital value or performance of your investment.
For a copy of the OneAnswer Single-Asset-Class Funds guide and product disclosure statement, please contact ANZ Investments on 0800 736 034.
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International Fixed Interest Fund
Fund description
Market and fund review
Fund performance Fund performance since launch
1mth 3mth 6mth 1yr
3yrs
(ann)
5yrs
(ann)
Since
Launch
(ann)
At 0% PIR Tax 1.3% 2.5% 0.6% 8.2% 4.0% 3.5% 4.6%
At 28% PIR Tax 0.9% 1.8% 0.5% 5.8% 2.9% 2.5% 3.3%
Country allocation (one month delay) Credit allocation (one month delay)
Top 10 Holdings
1 10Y T-Note (CBT) Jun 20 2.4%
2 Euro Bund Germany (EUR) Mar 20 1.5%
3 USA Govt 1.375% 31/01/2022 1.5%
4 Govt Of Denmark 4.5% 15/11/2039 1.0%
5 USA Govt 2.25% 31/12/2024 0.8%
6 USA Govt 2.625% 28/02/2023 0.7%
7 USA Govt 2.375% 15/08/2024 0.7%
8 USA Govt 2.625% 15/07/2021 0.6%
9 USA Govt 2.0% 30/11/2022 0.6%
10 USA Govt 1.375% 30/04/2021 0.6%
Total Top 10 Holdings 10.4%
# International Fixed Interest Holdings 818
29 February 2020
Invests mainly in international fixed interest assets. Investments may include fixed interest assets issued by governments or international companies, and cash and cash equivalents.
Performance is after fund fees and stated PIR. The 28% PIR return series shows returns at the highest PIR at the time of the performance.
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North America42.1%
Europe ex UK33.0%
Japan8.4%
UK7.5%
Asia ex Japan3.5%
Australia2.9%
Other2.6%
AAA67.5%
AA13.2%
A17.2%
BBB2.1%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Aug-1
3
Feb-1
4
Aug-1
4
Feb-1
5
Aug-1
5
Feb-1
6
Aug-1
6
Feb-1
7
Aug-1
7
Feb-1
8
Aug-1
8
Feb-1
9
Aug-1
9
Feb-2
0
0 % PIR
28% PIR
The fund rose 1.3% in February, slightly behind its benchmark.
Bond investors had a good February, recording solid gains as the pickup in volatility saw strong demand for safe-haven assets, those deemed less risky. The risk-off tone saw government bond yields in the US hit all-time lows. For the
month, the US 10-year government bond fell 36 basis points, closing at 1.15%.
Furthermore, the pickup in volatility saw the US yield curve invert – where short-dated yields are higher than long-dated yields. This is often cited as a precursor to a recession.
In Europe, bonds also saw strong gains, pushing yields across the continent to their lowest levels of the year. In Germany, the 10-year government bond closed February at -0.61% and in the UK, the 10-year government bond yield ended at 0.44%. The fall in yields accelerated late in February when the number of coronavirus cases rose sharply across Europe, most notably in Italy, where the number of cases exceeded 2,000.
Central banks are holding an accommodative bias and are prepared to act should the fallout from the coronavirus escalate. For this reason, we expect short-term interest rates to remain at relatively low levels.
OneAnswer Investment Funds - Single-Asset Class
OneAnswer Single-Asset-Class Funds
International Fixed Interest Fund
Current fund structure
29 February 2020
External fund manager
Additional fund details
Minimum transaction amounts Detailed fund information
Lump sum withdrawals $500 Guide and product disclosure statement
Regular withdrawals $100
Forms to alter your investment
Fees See form section of product disclosure statement
Annual fund charge 0.93%
Contact information
Launch date 0800 736 034
20 September 2013 [email protected]
investments.anz.co.nz
Information is current as at the date of this document and may change on a daily basis.
Past performance does not indicate future performance. The actual performance any given investor realises will depend on many
things, is not guaranteed and may be negative as well as positive.
This document is for information purposes only. Its content is intended to be of a general nature, does not take into account your financial situation or goals, and is not a personalised financial adviser service under the Financial Advisers Act 2008. It is
recommended you seek advice from an authorised financial adviser which takes into account your individual circumstances before you acquire a financial product. The OneAnswer International Fixed Interest Fund is offered and managed by ANZ New Zealand
Investments Limited (ANZ Investments). Investments in the OneAnswer International Fixed Interest Fund are not deposits in ANZ
Bank New Zealand Limited or Australia and New Zealand Banking Group Limited (together ‘ANZ Group’), nor are they liabilities of ANZ Group. ANZ Group does not stand behind or guarantee ANZ Investments. Investments are subject to investment risk, including
possible delays in repayment, and loss of income and principal invested. ANZ Group will not be liable to you for the capital value or performance of your investment. For a copy of the OneAnswer Single-Asset-Class Funds guide and product disclosure statement,
please contact ANZ Investments on 0800 736 034.
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Vanguard Investments AustraliaVanguard Investments Australia Limited (Vanguard) manages a portfolio of international fixed interest assets issued by governments. Vanguard also manages a portfolio of international credit securities.
International Property FundFund description
Market and fund review
Fund performance Fund performance since launch
1mth 3mth 6mth 1yr
3yrs
(ann)
5yrs
(ann)
Since
Launch
(ann)
At 0% PIR Tax -8.1% -6.2% -2.6% 4.6% 5.0% 3.9% 7.6%
At 28% PIR Tax -7.2% -5.5% -2.6% 6.1% 5.3% 3.7% 7.4%
Regional Allocation Sector Allocation
Top 10 Holdings
1 Prologis Inc. 8.1%
2 Healthpeak Properties Inc. 6.0%
3 Equity Residential 5.8%
4 Vonivia SE 5.6%
5 Alexandria Real Estate Equities Inc. 4.7%
6 Invitation Homes Inc. 4.5%
7 Mitsubishi Estate Company Ltd. 3.8%
8 Canadian Apartment Properties REIT 3.8%
9 VEREIT Inc. Class A 3.5%
10 Dexus 3.5%
Total Top 10 Holdings 49.3%
# of Property Holdings 45
29 February 2020
Invests mainly in international listed property assets. Investments may include listed companies, funds or trusts that
invest in property, and cash and cash equivalents.
Performance is after fund fees and stated PIR. The 28% PIR return series shows returns at the
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North America
67.8%Europe
10.6%
Asia
9.1%
UK
7.8%
Australasia
4.7%
Retail
5.4%
Office Buildings
20.3%
Diversified
Property Holdings
11.2%
Residential
17.9%
Industrial
16.6%
Healthcare
Facilities10.8%
Real Estate
Operating Companies
8.6%
Specialized
8.7%
Hotel & Resort
0.5%
-10%0%
10%20%30%40%50%60%70%80%
Aug-1
3
Feb-1
4
Aug-1
4
Feb-1
5
Aug-1
5
Feb-1
6
Aug-1
6
Feb-1
7
Aug-1
7
Feb-1
8
Aug-1
8
Feb-1
9
Aug-1
9
Feb-2
0
0 % PIR
28% PIR
The fund fell 8.1%, mostly in line with its benchmark.
Global equity markets declined sharply toward the end of February as the coronavirus outbreak spread outside of
China. Fears that the virus could lead to supply disruptions and demand weakness were particularly acute in Japan,
which saw its property sector fall 10.7%, the worst-performing region we track.
In the US, REITs reported fourth-quarter earnings and guidance. Apartment results were solid, despite pointing to a
mild deceleration as supply increases. In the office sector, West Coast portfolios continue to outperform. In the
shopping center space, REITs are being negatively impacted by continued bankruptcy. Finally, hotel REITs continue
to face headwinds, which will only get more challenging as the coronavirus impact plays out.
In corporate transactions, US retail landlord, Simon Property Group, announced it will acquire an 80% interest in
Taubman Centres for $52.50 per share, implying a 6.2% yield for the company.
Elsewhere, Front Yard Residential entered into an agreement to be acquired by Amherst Residential, a private real
estate company, for US$12.50 per share. Front Yard Residential owns a portfolio of around 14,000 single-family
homes in the US.
Despite the decline in property stocks in February, the broader industry remains attractive given central bank’s
accommodative policy. With interest rates holding near record lows, assets with steady cash-flows will attract
demand. Furthermore, vacancy rates remain at relatively low levels, helping owners when negotiating contracts.
OneAnswer Investment Funds - Single-Asset Class
The sector allocation of this fund is based on the GICS sub-industry
classification of the listed property assets.
OneAnswer Single-Asset-Class Funds
International Property Fund
Current fund structure
29 February 2020
External fund manager
Additional fund details
Minimum transaction amounts Detailed fund information
Lump sum withdrawals $500 Guide and product disclosure statement
Regular withdrawals $100
Forms to alter your investment
Fees See form section of product disclosure statement
Annual fund charge 1.18%
Contact information
Launch date 0800 736 034
20 September 2013 [email protected]
investments.anz.co.nz
Information is current as at the date of this document and may change on a daily basis.
Past performance does not indicate future performance. The actual performance any given investor realises will depend on manythings, is not guaranteed and may be negative as well as positive.
This document is for information purposes only. Its content is intended to be of a general nature, does not take into account your financial situation or goals, and is not a personalised financial adviser service under the Financial Advisers Act 2008. It is recommended you seek advice from an authorised financial adviser which takes into account your individual circumstances before you acquire a financial product. The OneAnswer International Property Fund is offered and managed by ANZ New Zealand Investments Limited (ANZ Investments). Investments in the OneAnswer International Property Fund are not deposits in ANZ Bank New Zealand Limited or Australia and New Zealand Banking Group Limited (together ‘ANZ Group’), nor are they liabilities of ANZ Group. ANZ Group does not stand behind or guarantee ANZ Investments. Investments are subject to investment risk, including possible delays in repayment, and loss of income and principal invested. ANZ Group will not be liable to you for the capital value or performance of your investment. For a copy of the OneAnswer Single-Asset-Class Funds guide and product disclosure statement, please contact ANZ Investments on 0800 736 034.
The Morningstar Analyst Rating for OneAnswer International Property Fund assigned on 6 June 2018 is Gold. See investments.anz.co.nz/awards (Morningstar) for full disclaimer. For more awards information, including the full Morningstar awards disclaimer, visit investments.anz.co.nz/awards.
All market returns quoted in commentary are in local currency terms.
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Resolution Capital
Resolution Capital Limited (Resolution Capital) manages a select and diverse group of global listed
property assets that are capable of generating superior risk adjusted returns for investors.
Property Securities Fund
Fund description
Market and fund review
Fund performance Fund performance since launch
1mth 3mth 6mth 1yr
3yrs
(ann)
5yrs
(ann)
Since
Launch
(ann)
At 0% PIR Tax -2.6% 3.8% 4.0% 26.8% 15.9% 12.6% 10.9%
At 28% PIR Tax -2.6% 3.6% 3.7% 26.0% 15.1% 11.9% 8.4%
Sector Allocation Top 5 Holdings
1 Precinct Properties NZ Ltd. 20.1%
2 Kiwi Property Group Ltd. 18.2%
3 Goodman Property Trust 11.9%
4 Property For Industry Ltd. 10.6%
5 Stride Property and Investment Mgmt. 10.1%
Total Top 5 Holdings 70.9%
# of Property Holdings 27
29 February 2020
-100%0%
100%200%300%400%500%600%700%800%900%
1000%1100%1200%1300%1400%
Oct-9
4
Oct-9
6
Oct-9
8
Oct-0
0
Oct-0
2
Oct-0
4
Oct-0
6
Oct-0
8
Oct-1
0
Oct-1
2
Oct-1
4
Oct-1
6
Oct-1
8
0 % PIR
28% PIR
NZ Property
93.5%
Australian Property
6.5%
Invests mainly in New Zealand and Australian listed property assets. Investments may include listed companies, funds or trusts that invest in property, and cash and cash equivalents.
Performance is after fund fees and stated PIR. The 28% PIR return series shows returns at the
highest PIR at the time of the performance. The fund became a PIE fund on 1 October 2007. Performance of the 0% PIR prior to this date has been recalculated on a before tax basis.
Performance of the 28% PIR prior to this date are reflective of the tax regime for that period. Performance for periods longer than one year are annualised.
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The fund fell 2.6%, behind its benchmark.
In New Zealand, the property sector fell 1.9% in February. Property stocks, for the most part, outperformed broader benchmark indices in February as their defensive nature made them more attractive as volatility picked up. Furthermore, their steady cash-flows make them attractive in a low-interest-rate environment.
Benefiting the fund’s performance was its underweight positions in Kiwi Property Group Ltd. Shares in Kiwi Property fell in February as the outlook for the retail industry deteriorated on the back of the coronavirus outbreak, which will likely impact tourism numbers and therefore retail.
Elsewhere, the fund’s overweight position in Precinct Properties New Zealand Ltd. was another strong contributor. The company reported stronger-than-expected half-year earnings. Furthermore, the company announced more pre-leasing for its Commercial Bay property in Auckland.
Detracting the fund’s performance was its overweight position in Summerset Group Holdings Ltd. Shares in the company declined more than 12% after its profit growth slowed in the half-year ending 31 December 2019. The company made $175.3 million net profit after tax for the period, down from $214.5 million a year prior. Furthermore, the company delivered 354 new homes, down from 454 in the prior period.
Despite the decline in property stocks in February, the broader industry remains attractive given central bank’s accommodative policy. With interest rates holding near record lows, assets with steady cash-flows will attract demand. Furthermore, vacancy rates remain at relatively low levels, helping owners when negotiating contracts.
OneAnswer Investment Funds - Single-Asset Class30 APRIL 2016
OneAnswer Single-Asset-Class Funds
Property Securities Fund
Current fund structure
29 February 2020
Additional fund details
Minimum transaction size Detailed fund information
Lump sum withdrawals $500 Guide and product disclosure statement
Regular withdrawals $100
Forms to alter your investment
Fees See form section of product disclosure statement
Annual fund charge 1.18%
Contact information
Launch date 0800 736 034
25 October 1994 [email protected]
investments.anz.co.nz
Information is current as at the date of this document and may change on a daily basis.
Past performance does not indicate future performance. The actual performance any given investor realises will depend on manythings, is not guaranteed and may be negative as well as positive.
This document is for information purposes only. Its content is intended to be of a general nature, does not take into account your financial situation or goals, and is not a personalised financial adviser service under the Financial Advisers Act 2008. It is recommended you seek advice from an authorised financial adviser which takes into account your individual circumstances before you acquire a financial product. The OneAnswer Property Securities Fund is offered and managed by ANZ New Zealand Investments Limited (ANZ Investments). Investments in the OneAnswer Property Securities Fund are not deposits in ANZ Bank New Zealand Limited or Australia and New Zealand Banking Group Limited (together ‘ANZ Group’), nor are they liabilities of ANZ Group. ANZ Group does not stand behind or guarantee ANZ Investments. Investments are subject to investment risk, including possible delays in repayment, and loss of income and principal invested. ANZ Group will not be liable to you for the capital value or performance of your investment. For a copy of the OneAnswer Single-Asset-Class Funds guide and product disclosure statement, please contact ANZ Investments on 0800 736 034.
The Morningstar Analyst Rating for OneAnswer Property Securities Fund assigned on 15 January 2019 is Bronze. See investments.anz.co.nz/awards (Morningstar) for full disclaimer. For more awards information, including the full Morningstar awards disclaimer, visit investments.anz.co.nz/awards.
All market returns quoted in commentary are in local currency terms.
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New Zealand Share Fund
Fund description
Market and fund review
Fund performance Fund performance since launch
1mth 3mth 6mth 1yr
3yrs
(ann)
5yrs
(ann)
Since
Launch
(ann)
At 0% PIR Tax -3.8% -0.1% 5.7% 20.9% 15.6% 13.2% 11.4%
At 28% PIR Tax -3.8% -0.1% 5.4% 19.8% 14.5% 12.0% 8.3%
Top 10 Holdings Sector Allocation
1 Fisher & Paykel Healthcare Ltd. 13.6%
2 a2 Milk Company Ltd. 11.4%
3 Spark NZ Ltd. 7.4%
4 Auckland International Airport Ltd. 6.5%
5 Meridian Energy Ltd. 6.0%
6 Ryman Healthcare Ltd. 5.9%
7 Contact Energy Ltd. 4.9%
8 Fletcher Building Ltd. 4.0%
9 Mainfreight Ltd. 4.0%
10 Infratil Ltd. 4.0%
Total Top 10 Holdings 67.7%
# of Share Holdings 39
29 February 2020
0%200%400%600%800%
1000%1200%1400%1600%1800%2000%2200%2400%
Mar-9
1
Mar-9
3
Mar-9
5
Mar-9
7
Mar-9
9
Mar-0
1
Mar-0
3
Mar-0
5
Mar-0
7
Mar-0
9
Mar-1
1
Mar-1
3
Mar-1
5
Mar-1
7
Mar-1
9
0 % PIR
28% PIR
Invests mainly in New Zealand equities. Investments may include equities in companies that are listed or intend to list on the New Zealand stock exchange, and cash and cash equivalents.
Property3.9%
Utilities20.1%
Materials4.2%
Industrials15.6%
Communication Services11.2%
Healthcare25.6%
Consumer Discretionary
1.9%
Consumer Staples12.8%
Financials3.0%
Energy1.2%
Information Technology
0.5%
Performance is after fund fees and stated PIR. The 28% PIR return series shows returns at the highest PIR at the time of the performance. The fund became a PIE fund on 1 October 2007. Performance of the 0% PIR prior to this date has been recalculated on a before tax basis. Performance of the 28% PIR prior
to this date are reflective of the tax regime for that period. Performance for periods longer than one year are annualised.
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The fund fell 3.8% in February, however, it outperformed its benchmark.
New Zealand equity prices followed global markets lower in February as the coronavirus outbreak increased concerns that slowing trade between New Zealand and China would weigh on growth. The benchmark NZX 50 declined 3.9% over the month.
It was a mixed month for economic data: The New Zealand unemployment rate fell to 4%, while retail sales for the fourth quarter of 2019 came in below expectations at 0.7%.
A big benefactor for the fund was its overweight position in a2 Milk. Shares in the company finished February up more than 8%, after it reported a 20% increase in half-year profit, beating expectations. The company was the second-best performing stock in the NZX 50.
Elsewhere, another strong contributor for the fund was its underweight holding in Air New Zealand. Shares in the company fell nearly 20% after it reported a decline in half-year profit and warned that the coronavirus could have a negative impact to earnings in the range of $30 million to $75 million.
Other strong contributors to the fund were its underweight position in Synlait Milk Ltd., which was the worst-performing stock in the NZX 50 falling more than 30%, and Mercury NZ Ltd., which the fund is also underweight. Shares in Mercury fell 8.7% in February.
Holding back performance was the fund’s holding of Meridian Energy Ltd. Despite reporting interim earnings of $465 million, it ended February down 13.6%. The decline came as concerns around the future of the Tiwai Point aluminium smelter weighed on the broader energy sector.
OneAnswer Investment Funds - Single-Asset Class30 APRIL 2016
The sector allocation of this fund is based on the GICS sector of the stocks held in the underlying fund, in which the fund invests.
OneAnswer Single-Asset-Class Funds
New Zealand Share Fund
Additional fund details
Minimum transaction size Detailed fund information
Lump sum withdrawals $500 Guide and product disclosure statement
Regular withdrawals $100
Forms to alter your investment
Fees See form section of product disclosure statement
Annual fund charge 1.18%
Contact information
Launch date 0800 736 034
1 February 1991 [email protected]
investments.anz.co.nz
29 February 2020
Information is current as at the date of this document and may change on a daily basis.
Past performance does not indicate future performance. The actual performance any given investor realises will depend on many things, is
not guaranteed and may be negative as well as positive.
This document is for information purposes only. Its content is intended to be of a general nature, does not take into account your financial
situation or goals, and is not a personalised financial adviser service under the Financial Advisers Act 2008. It is recommended you seek advice from an authorised financial adviser which takes into account your individual circumstances before you acquire a financial product.
The OneAnswer New Zealand Share Fund is offered and managed by ANZ New Zealand Investments Limited (ANZ Investments). Investments in the OneAnswer New Zealand Share Fund are not deposits in ANZ Bank New Zealand Limited or Australia and New Zealand Banking Group Limited (together ‘ANZ Group’), nor are they liabilities of ANZ Group. ANZ Group does not stand behind or guarantee ANZ
Investments. Investments are subject to investment risk, including possible delays in repayment, and loss of income and principal invested. ANZ Group will not be liable to you for the capital value or performance of your investment. For a copy of the OneAnswer Single-Asset-Class Funds guide and product disclosure statement, please contact ANZ Investments on 0800 736 034.
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Equity Selection Fund
Fund description
Market and fund review
Fund performance Fund performance since launch
1mth 3mth 6mth 1yr
3yrs
(ann)
5yrs
(ann)
Since
Launch
(ann)
At 0% PIR Tax -6.7% -4.0% 2.9% 12.5% 6.1% 6.2% 8.6%
At 28% PIR Tax -6.8% -4.0% 2.7% 11.7% 5.4% 5.3% 6.5%
Actual investment mix*
Top 5 Holdings
1 a2 Milk Company Ltd. 9.0%
2 Mainfreight Ltd. 7.3%
3 Sanford Ltd. 6.4%
4 Spark NZ Ltd. 6.0%
5 Contact Energy Ltd. 5.2%
Total Top 5 Holdings 33.9%
# of Share Holdings 26
29 February 2020
-25%0%
25%50%75%
100%125%150%175%200%225%250%275%300%325%
Jun-0
4
Jun-0
5
Jun-0
6
Jun-0
7
Jun-0
8
Jun-0
9
Jun-1
0
Jun-1
1
Jun-1
2
Jun-1
3
Jun-1
4
Jun-1
5
Jun-1
6
Jun-1
7
Jun-1
8
Jun-1
9
0 % PIR
28% PIR
Cash/Short Term
4.0%
Australian Shares
23.2%
NZ Shares
72.8%
Invests mainly in New Zealand and Australian equities. Investments may include equities in companies that are listed or intend to list on the New Zealand or Australian stock exchanges, and cash and cash equivalents.
Performance is after fund fees and stated PIR. The 28% PIR return series shows returns at the
highest PIR at the time of the performance. The fund became a PIE fund on 1 October 2007.
Performance of the 0% PIR prior to this date has been recalculated on a before tax basis.
Performance of the 28% PIR prior to this date are reflective of the tax regime for that period.
Performance for periods longer than one year are annualised.
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The fund fell 6.7% in February and was behind its benchmark.
New Zealand equity prices followed global markets lower in February as the coronavirus outbreak increased concerns that slowing trade between New Zealand and China would weigh on growth. The benchmark NZX 50 declined 3.9% over the month.
It was a mixed month for local economic data: The New Zealand unemployment rate fell to 4%, while retail sales for the fourth quarter of 2019 came in below expectations at 0.7%.
In Australia, the ASX 200 fell 8.2%. It too was affected by the coronavirus outbreak given Australia’s strong reliance on China as a buyer of its natural resources.
A big benefactor for the fund was its overweight position in a2 Milk. Shares in the company finished February up more than 8%, after it reported a 20% increase in half-year profit, beating expectations. The company was the second-best performing stock in the NZX 50.
However, the fund’s overweight in electricity companies, in particular Meridian Energy and Contact Energy hindered performance. Both companies fell more than 10% in February as concerns around the future of the Tiwai Point aluminium smelter weighed on the broader sector.
Elsewhere, the fund’s overweight in Napier Port Holdings Ltd. was another detractor. Shares in Napier Port fell around 17% as the coronavirus outbreak slowed trade between New Zealand and China, weighing on ports.
OneAnswer Investment Funds - Single-Asset Class
30 APRIL 2016
* The actual investment mix of this fund is based on:
- the cash and cash equivalents,
- Australian and New Zealand equity assets
held by both the fund itself and the underlying fund in which the fund invests.
OneAnswer Single-Asset-Class Funds
Equity Selection Fund
Current fund structure
29 February 2020
Additional fund details
Minimum transaction size Detailed fund information
Lump sum withdrawals $500 Guide and product disclosure statement
Regular withdrawals $100
Forms to alter your investment
Fees See form section of product disclosure statement
Annual fund charge 1.29%
Contact information
Launch date 0800 736 034
1 July 2004 [email protected]
investments.anz.co.nz
Information is current as at the date of this document and may change on a daily basis.
Past performance does not indicate future performance. The actual performance any given investor realises will depend on many
things, is not guaranteed and may be negative as well as positive.
This document is for information purposes only. Its content is intended to be of a general nature, does not take into account your
financial situation or goals, and is not a personalised financial adviser service under the Financial Advisers Act 2008. It is
recommended you seek advice from an authorised financial adviser which takes into account your individual circumstances before
you acquire a financial product. The OneAnswer Equity Selection Fund is offered and managed by ANZ New Zealand Investments
Limited (ANZ Investments). Investments in the OneAnswer Equity Selection Fund are not deposits in ANZ Bank New Zealand
Limited or Australia and New Zealand Banking Group Limited (together ‘ANZ Group’), nor are they liabilities of ANZ Group. ANZ
Group does not stand behind or guarantee ANZ Investments. Investments are subject to investment risk, including possible delays
in repayment, and loss of income and principal invested. ANZ Group will not be liable to you for the capital value or performance of
your investment. For a copy of the OneAnswer Single-Asset-Class Funds guide and product disclosure statement, please contact
ANZ Investments on 0800 736 034.
All market returns quoted in commentary are in local currency terms.
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Australian Share Fund
Fund description
Market and fund review
Fund performance Fund performance since launch
1mth 3mth 6mth 1yr
3yrs
(ann)
5yrs
(ann)
Since
Launch
(ann)
At 0% PIR Tax -8.9% -10.2% -4.4% 1.5% 1.6% 0.9% 9.0%
At 28% PIR Tax -8.9% -10.1% -4.6% 0.5% 0.5% -0.1% 5.9%
Top 10 holdings Sector allocation
1 Australia and NZ Banking Group Ltd. 6.5%
2 ASX SPI 200 (SFE) Mar 20 6.5%
3 BHP Group Ltd. 5.0%
4 National Australia Bank Ltd. 4.9%
5 Coles Group Ltd. 4.8%
6 QBE Insurance Group Ltd. 4.6%
7 CSL Ltd. 4.3%
8 Aristocrat Leisure Ltd. 4.1%
9 Oil Search Ltd. 3.5%
10 Rio Tinto Ltd. 3.4%
Total Top 10 Holdings 47.6%
# of Share Holdings 36
29 February 2020
-100%
0%
100%
200%
300%
400%
500%
600%
700%
800%
900%
Jan-9
6
Jan-9
8
Jan-0
0
Jan-0
2
Jan-0
4
Jan-0
6
Jan-0
8
Jan-1
0
Jan-1
2
Jan-1
4
Jan-1
6
Jan-1
8
Jan-2
0
0 % PIR
28% PIR
Property7.2%
Materials23.9%
Industrials4.2%
Healthcare7.6%Consumer
Discretionary8.3%
Consumer Staples
7.5%
Financials31.7%
Energy9.6%
Invests mainly in Australian equities. Investments may include equities in companies that are listed or in the process of
listing on the Australian stock exchange, and cash and cash equivalents.
Performance is after fund fees and stated PIR. The 28% PIR return series shows returns at the highest PIR at the time of the performance. The fund became a PIE fund on 1 October 2007. Performance of the
0% PIR prior to this date has been recalculated on a before tax basis. Performance of the 28% PIR prior
to this date are reflective of the tax regime for that period. Performance for periods longer than one year
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The fund fell 8.9% in February, behind its benchmark.
In Australia, the ASX 200 fell 8.2% in February as the coronavirus outbreak raised fears that trade between Australia
and China would weigh on domestic growth, given China is a significant buyer of Australian goods, most notably its
natural resources.
Given the negative sentiment around natural resources, mining giants Rio Tinto Ltd. and BHP Group Ltd. were
significant detractors on the fund’s performance. Both companies ended February down more than 10% as the
coronavirus outbreak disrupted supply chains into China, a significant buyer of both companies’ resources.
Elsewhere, Iluka Resources and Oil Search Ltd. also weighed on fund performance with Oil Search falling more than 20% to its lowest level in more than 10 years.
Benefiting the fund’s performance was New South Wales-based REIT Shopping Centres Australasia. The company saw
strong gains in the early part of February, rising to a new all-time high buoyed by falling interest rates, which makes
defensive property stocks attractive given their steady cash flows.
OneAnswer Investment Funds - Single-Asset Class
30 APRIL 2016
The sector allocation of this fund is based on the GICS sector of the stocks held in the underlying fund, in which the fund invests.
OneAnswer Single-Asset-Class Funds
Australian Share Fund
Hedging levels
29 February 2020
Benchmark hedging rate Current Hedging
0%
Current fund structure
0%
External fund manager
Additional fund information
Minimum transaction size Detailed fund information
Lump sum withdrawals $500 Guide and product disclosure statement
Regular withdrawals $100
Forms to alter your investment
Fees See form section of product disclosure statement
Annual fund charge 1.18%
Contact information
Launch date 0800 736 034
26 January 1996 [email protected]
Information is current as at the date of this document and may change on a daily basis.
Past performance does not indicate future performance. The actual performance any given investor realises will depend on manythings, is not guaranteed and may be negative as well as positive.
This document is for information purposes only. Its content is intended to be of a general nature, does not take into account your financial situation or goals, and is not a personalised financial adviser service under the Financial Advisers Act 2008. It is recommended you seek advice from an authorised financial adviser which takes into account your individual circumstances before
you acquire a financial product. The OneAnswer Australian Share Fund is offered and managed by ANZ New Zealand Investments Limited (ANZ Investments). Investments in the OneAnswer Australian Share Fund are not deposits in ANZ Bank New Zealand Limited or Australia and New Zealand Banking Group Limited (together ‘ANZ Group’), nor are they liabilities of ANZ Group. ANZGroup does not stand behind or guarantee ANZ Investments. Investments are subject to investment risk, including possible delays in
repayment, and loss of income and principal invested. ANZ Group will not be liable to you for the capital value or performance of your investment. For a copy of the OneAnswer Single-Asset-Class Funds guide and product disclosure statement, please contact ANZInvestments on 0800 736 034.
The Morningstar Analyst Rating for OneAnswer Australian Share Fund assigned on 8 October 2018 is Silver. See investments.anz.co.nz/awards (Morningstar) for full disclaimer. For more awards information, including the full Morningstar awards disclaimer, visit investments.anz.co.nz/awards.
All market returns quoted in commentary are in local currency terms.
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Nikko AM Limited
Nikko AM Limited (Nikko AM) is a Sydney based manager who manages a portfolio of Australian equities. Nikko uses an
investment style that seeks to identify good value stocks that offer the best compromise between risk and expected
return.
International Share Fund
Fund description
Market and fund review
Fund performance Fund performance since launch
1mth 3mth 6mth 1yr
3yrs
(ann)
5yrs
(ann)
Since
Launch
(ann)
At 0% PIR Tax -4.7% -3.7% 1.4% 15.1% 13.7% 10.9% 6.6%
At 28% PIR Tax -4.6% -3.9% 0.8% 13.7% 12.3% 9.6% 5.6%
Country Allocation Sector Allocation
Top 10 Holdings Hedging Levels
1 Visa Inc. Class A 2.7% Benchmark hedging rate Current Hedging
2 Comcast Class A 1.8% 20%
3 Nestle S.A. 1.8%
4 Medtronic Plc 1.7%
5 HDFC Bank Ltd. Sponsored ADR 1.5%
6 Thermo Fisher Scientific Inc. 1.3%
7 LVMH SE 1.3%
8 Roche Holding AG 1.2%
9 Walt Disney Company 1.2%
10 Schneider Electric SE 1.2%
Total Top 10 Holdings 15.7%
# of Share Holdings 456
29 February 2020
0%
-50%
0%
50%
100%
150%
200%
250%
300%
350%
400%
Apr-9
7
Apr-9
9
Apr-0
1
Apr-0
3
Apr-0
5
Apr-0
7
Apr-0
9
Apr-1
1
Apr-1
3
Apr-1
5
Apr-1
7
Apr-1
9
0 % PIR
28% PIR
Invests mainly in international equities.Investments may include equities in companies that are listed on a recognised
stock exchange, and cash and cash equivalents.
UK4.8%
Europe23.5%
North America62.0%
Asia ex Japan5.3%
Japan2.9%
Other1.5%
Performance is after fund fees and stated PIR. The 28% PIR return series shows returns at the highest PIR at the time of the performance. The fund became a PIE fund on 1 October 2007. Performance of the 0% PIR prior to this date has been recalculated on a before tax basis. Performance of the 28% PIR prior to this date are reflective of the tax regime for that period.
Performance for periods longer than one year are annualised.
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The fund fell 4.7% in February, behind its benchmark.
International equity markets fell sharply in February, as the coronavirus outbreak began to spread outside of mainland
China, raising fears that tightened supply chains will weigh on global growth and international trade. The fall in equity
prices saw a substantial pickup in market volatility.
In the US, the S&P 500 ended the month down 8.4%, while the NASDAQ 100 (a tech stock index) fared a little better, ending the month down 5.9%.
European shares also recorded losses with the FTSE 100 and Euro Stoxx all ending the month down more than 8%.
Losses in Europe accelerated after the coronavirus outbreak spread through Italy at a rapid rate with the number of
reported cases nearing 2,000.
The fund saw broad gains in its underweight position to the energy sector, which struggled in February as the
coronavirus weighed on international trade.
Elsewhere, the fund’s holding in Regeneron Pharmaceuticals, Inc. proved beneficial after the company reported
strong-than-expected FY 2019 earnings. The company said net sales rose 13% to US$1.22 billion.
Detracting from performance was the fund’s holding in Walt Disney Company, which ended February down nearly
15%. Shares in the company took a hit in the middle of the month when on 25 February they announced that CEO
Bob Iger was stepping down and would be replaced by Bob Chapek, effective immediately.
OneAnswer Investment Funds - Single-Asset Class
30 APRIL 2016
Property1.3%
Utilities0.4%
Materials5.3%
Industrials14.6%
Communication Services
5.4%
Healthcare16.2%
Consumer Discretionary
13.3%
Consumer Staples11.2%
Financials13.3%
Energy1.0%
Information Technology
18.0%
OneAnswer Single-Asset-Class Funds
International Share Fund
Current fund structure
29 February 2020
External fund managers
Additional fund information
Minimum transaction size Detailed fund information
Lump sum withdrawals $500 Guide and product disclosure statement
Regular withdrawals $100
Forms to alter your investment
Fees See form section of product disclosure statement
Annual fund charge 1.19%
Contact information
Launch date 0800 736 034
8 April 1997 [email protected]
investments.anz.co.nz
Information is current as at the date of this document and may change on a daily basis. Past performance does not indicate future performance. The actual performance any given investor realises will depend on many things, is not guaranteed and may be
negative as well as positive. This document is for information purposes only. Its content is intended to be of a general nature, does not take into account your financial situation or goals, and is not a personalised financial adviser service under the FinancialAdvisers Act 2008. It is recommended you seek advice from an authorised financial adviser which takes into account your individual circumstances before you acquire a financial product. The OneAnswer International Share Fund is offered and managed
by ANZ New Zealand Investments Limited (ANZ Investments). Investments in the OneAnswer International Share Fund are not deposits in ANZ Bank New Zealand Limited or Australia and New Zealand Banking Group Limited (together ‘ANZ Group’), nor are they liabilities of ANZ Group. ANZ Group does not stand behind or guarantee ANZ Investments. Investments are subject to investment risk, including possible delays in repayment, and loss of income and principal invested. ANZ Group will not be liable to
you for the capital value or performance of your investment. For a copy of the OneAnswer Single-Asset-Class Funds guide and product disclosure statement, please contact ANZ Investments on 0800 736 034.The Morningstar Analyst Rating for OneAnswer International Share Fund assigned on 2 August 2017 is Gold. See investments.anz.co.nz/awards (Morningstar) for full disclaimer. For more awards information, including the full Morningstar awards disclaimer, visit investments.anz.co.nz/awards.
All market returns quoted in commentary are in local currency terms.
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The Franklin Equity Group
The Franklin Equity Group (Franklin), a part of Franklin Templeton Investments, manages a portfolio of international
equities. Franklin aims to invest in quality companies with the potential to produce sustainable earnings and cash flow
growth.
MFS Institutional Advisors
MFS Institutional Advisors Inc. (MFSI) manages a portfolio of international equities. MFSI aims to invest in quality companies with sustainable, above-average growth and returns.
LSV Asset Management
LSV Asset Management (LSV) manages a portfolio of international equities. LSV aims to invest in out-of-favouror
undervalued stocks that have the potential for near-term appreciation.
Vontobel
Vontobel Asset Management Inc (Vontobel) manages a portfolio of international equities. Vontobel aims to invest in
sensibly priced, high-quality companies that can grow earnings faster than the market on a sustainable basis.
Balanced FundFund description
Market and fund review
Fund performance Fund performance since launch
1mth 3mth 6mth 1yr
3yrs
(ann)
5yrs
(ann)
Since
Launch
(ann)
At 0% PIR Tax -4.1% -2.7% 0.6% 8.5% 7.7% 6.5% 7.7%
At 28% PIR Tax -3.8% -2.6% 0.4% 8.0% 7.0% 5.7% 5.7%
Actual investment mix
Country allocation
Top 10 Holdings
1mth 3mth 6mth 1yr 3yrs 5yrs
1 eMini S&P 500 (CME) Mar 20 1.6% Cash and cash equivalents 0.2% 0.5% 0.9% 2.3% 2.5% 2.8%
2 Visa Inc. Class A 1.1% NZ fixed interest 1.5% 1.8% 0.7% 7.8% 6.1% 5.5%
3 Fisher & Paykel Healthcare Ltd. 1.0% International fixed interest 1.3% 2.7% 1.2% 9.2% 5.0% 4.5%
4 a2 Milk Company Ltd. 0.9% Australasian listed property -3.0% 3.4% 4.1% 24.2% 14.8% 12.6%
5 Comcast Class A 0.7% International listed property -8.1% -5.9% -2.1% 5.8% 6.3% 5.2%
6 Nestle S.A. 0.7% Australasian equities -6.0% -4.5% 1.9% 13.3% 10.7% 8.8%
7 Medtronic Plc 0.7% International equities (unhedged)-4.1% -3.0% 2.1% 16.5% 14.9% 11.9%
8 NZ Govt 2.75% 15/04/2037 0.7% Listed infrastructure -7.7% -2.5% -0.1%
9 Precinct Properties NZ Ltd. 0.7%
10 Spark NZ Ltd. 0.6%
Total Top 10 Holdings 8.7%
# of holdings 1850
Asset class performance (before fund fees and tax)
29 February 2020
MAX WIDTH
0%50%
100%150%200%250%300%350%400%450%500%550%600%650%700%750%
Jan-9
3
Jan-9
5
Jan-9
7
Jan-9
9
Jan-0
1
Jan-0
3
Jan-0
5
Jan-0
7
Jan-0
9
Jan-1
1
Jan-1
3
Jan-1
5
Jan-1
7
Jan-1
9
0 % PIR
28% PIR
CPI +
4.0%*
Invests mainly in growth assets (equities, listed property and listed infrastructure), with some exposure to income assets (cash
and cash equivalents and fixed interest). The fund also has a small exposure to alternative assets.
Cash/Short Term8.4%
Australasian Shares13.5%
International Shares42.7%
NZ Fixed Interest8.0%
International Fixed Interest17.4%
Australasian Property
3.8%
International Property
4.0%
Other - Listed Infrastructure
2.2%
The actual investment mix of this fund is based on the cash and cash equivalents held by the fund, and the asset class of the underlying funds in which the fund invests.
Performance is after fund fees and stated PIR. The 28% PIR return series shows returns at the highest PIR at the time of the performance. The fund became a PIE fund on 1 October 2007. Performance of the 0% PIR prior to this date has been recalculated on a before tax basis. Performance of the 28% PIR prior to this date are reflective of the tax regime for that period. Performance for periods longer than oneyear are annualised.
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Performance by asset class shows the performance of the underlying wholesale strategies in which the fund invests. Asset allocation decisions, hedging, fees and other factors will influence the return received by the fund. Performance for periods longer than one year are annualised.
*NB: From 10 August 2018 the investment objective for this fund changed from CPI + 3.90% to CPI + 3.70%. From June 28th 2019 the investment objective changed from CPI + 3.70% to CPI + 4.00%.
International equity markets fell sharply in February, as the coronavirus outbreak began to spread outside of mainland China,
raising fears that tightened supply chains will weigh on global growth and international trade. In the US, the S&P 500 ended the
month down 8.4%, falling into negative territory for the year.
European shares also recorded losses, with the FTSE 100 and Euro Stoxx all ending the month down more than 8%. Losses in
Europe accelerated after the coronavirus outbreak spread through Italy at a rapid rate, with the number of reported cases nearing 2,000.
Meanwhile, in New Zealand, the NZX 50 fell 3.9%, in February.
Global bond markets had a strong February, recording solid gains as the pick-up in volatility saw strong demand for safe-haven
assets (those deemed less risky). The risk-off tone saw government bond yields in the US hit all-time lows. For the month, the
US 10-year government bond fell 36 basis points, closing at 1.15%.
In New Zealand, bond markets tracked international markets higher. The yield on the New Zealand 10-year government bond
traded to its lowest level in nearly five months. Over the month, the yield fell 24 basis points.
In February, we sold some international equities and continue to actively look to take advantage of opportunities as they may
arise. As the situation unfolds, some areas we are focusing on are, the effectiveness of Chinese authorities to manage the spread
of the virus, the rate of increase in cases outside of China, and the impact the virus has on global supply chains. Other areas we are paying particular interest to are central bank policy in light of the coronavirus outbreak and the US election, and the
likelihood of a progressive Democratic candidate winning the election.
OneAnswer Investment Funds - Single-Asset Class
30 APRIL 2016
New Zealand27.59%
North America40.43%
Europe (incl. UK)
19.23%
Asia4.28%
Australia7.76%
Other0.72%
OneAnswer Single-Asset-Class Funds
Balanced Fund
Benchmark weights
29 February 2020
Targ
et
Inve
stmen
t
Mix
Allo
wable
Ranges
Aggreg
ate
Perm
issible
Ranges
Cash 6.0% 0-26%
NZ Fixed Interest 9.0% 0-24%
International Fixed Interest 20.0% 5-35%
Australasian Property 3.5%
International Property 4.0%
Australasian Shares 14.0% 0-29%
International Shares 41.0% 26-56%
International Listed Infrastructure 2.5% 0-10%
Alternative Assets 0.0% 0-15%
Total
Hedging levels
Benchmark hedging rate
Current
hedging
Cash No foreign currency exposure n/a
NZ Fixed Interest No foreign currency exposure n/a
International Fixed Interest Benchmark 100% hedged 99%
Australasian Property Benchmark 100% hedged 103%
International Property Benchmark 100% hedged 102%
Australasian Shares Benchmark50% AUD hedged (range of 0-100%) 27%
International Shares Benchmark 65% hedged (range of 0-100%) 75%
International listed infrastructure Benchmark 100% hedged 101%
External fund managers
Cash ANZ Investments
NZ Fixed Interest ANZ Investments
International Fixed Interest Vanguard Investments Australia Limited
Australasian Property ANZ Investments
International Property Resolution Capital Limited
Australasian Shares ANZ Investments, Nikko AM Limited
International Shares The Franklin Equity Group, MFS Institutional Advisors, LSV Asset Management, Vontobel
Alternative Assets Pomona Capital
International listed infrastructure Maple-Brown Abbott Limited
Asset Allocation & Currency ANZ Investments
Additional fund details
Minimum transaction size Detailed fund information
Lump sum withdrawals $500 Guide and product disclosure statement
Regular withdrawals $100
Forms to alter your investment
Fees See form section of product disclosure statement
Annual fund charge 1.09%Contact information
Launch date 0800 736 034
22 January 1993 [email protected]
investments.anz.co.nz
20-5
050-8
0
100.0%
0-
17.5%
Information is current as at the date of this document and may change on a daily basis.
Past performance does not indicate future performance. The actual performance any given investor realises will depend on many things, is not guaranteed and may be negative as well as positive.
This document is for information purposes only. Its content is intended to be of a general nature, does not take into account your financial situation or goals, and is not a personalised financial adviser service under the Financial Advisers Act 2008. It is recommended you seek advice from an authorised financial adviser which takes into account your individual circumstances before you acquire a financial product. The OneAnswer Balanced Fund is offered and managed by ANZ New Zealand Investments Limited (ANZ Investments). Investments in the OneAnswer Balanced Fund are not deposits in ANZ Bank New Zealand Limited or Australia and New Zealand Banking Group Limited (together ‘ANZ Group’), nor are they liabilities of ANZ Group. ANZ Group does not stand behind or guarantee ANZ Investments. Investments are subject
to investment risk, including possible delays in repayment, and loss of income and principal invested. ANZ Group will not be liable to you for the capital value or performance of your investment.
For a copy of the OneAnswer Single-Asset-Class Funds guide and product disclosure statement, please contact ANZ Investments on 0800 736 034.
All market returns quoted in commentary are in local currency terms.
MAX H
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