Where a company has multiple ethical concerns, the total concerns percentage counts this investment once.
The average total concerns of all funds of the same risk profile is weighted by the funds' investment values.
The average total concerns of all managed aggressive funds is 12.02%.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Chevron, headquartered in the USA, is an integrated energy company with exploration, production, and refining operations worldwide. The company is the second-largest oil company in the USA and engages in hydrocarbon exploration and production, refining, marketing and transport, chemicals manufacturing and sales, and power generation. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 52.4%.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Collectively the Coca-Cola related entities produce the most plastic rubbish in our oceans at 3 million tons of plastic packaging annually, which has devastating impacts on our oceans, wreaking havoc on wildlife and sending plastic particles into the food chain. Coca-Cola has also been subject to several lawsuits relating to marketing claims about the sustainability of its products.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
The world’s second largest source of plastic garbage in the world’s oceans, which has devastating impacts on our oceans, wreaking havoc on wildlife and sending plastic particles into the food chain. Alongside other large companies who use plastics, PepsiCo appeared to lobby against some improvements propopsed by the Global Plastics Treaty.
Where companies are involved in the manufacturing or retail of controversial weapons (e.g., landmines and cluster munitions) or components or services thereof.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies are involved in the manufacturing or sale of nuclear weapons or components or services thereof.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
The fifth largest producer worldwide of plastics in our oceans. It is seen by some investors as having unambitious recycling goals which it is also not meeting. Mondelez has also been linked to deforestation and child labour due to its operations.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Owns the Grasberg mine in Indonesia where tailings are disposed directly into a river. Note, this type of disposal is banned in most countries. The pollution causes significant negative impact to the health of indigenous communities and wildlife in a biodiversity hotspot.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Marathon Petroleum Corp’s ownership in the Dakota Access Pipeline has been at the center of continuous legal scrutiny and controversy due to the environmental and human rights impact. The impact has been significant with claims of environmental racism due to the pipeline being situated primarily near communities of Black, Brown and Indigenous peoples, where oil has leaked into soil and water.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the development or release of GMO plants and seeds.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies are involved in, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
ExxonMobil, headquartered in the USA, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company is engaged in the exploration and production of crude oil and natural gas, as well as in the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and specialty products. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 51.1%.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Chevron, headquartered in the USA, is an integrated energy company with exploration, production, and refining operations worldwide. The company is the second-largest oil company in the USA and engages in hydrocarbon exploration and production, refining, marketing and transport, chemicals manufacturing and sales, and power generation. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 52.4%.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Caterpillar’s bulldozers have been used in ways that seriously harm the human rights of Palestinians in Occupied Territories e.g. demolition of homes. Bullozers have also been complicit in human rights abuses in Myanmar & West Sahara. Under UN Principles, companies have obligations to prevent Human Rights breaches from product use in situations of conflict. They also provide specialist equipment to the oil and gas sector.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Marathon Petroleum Corp’s ownership in the Dakota Access Pipeline has been at the center of continuous legal scrutiny and controversy due to the environmental and human rights impact. The impact has been significant with claims of environmental racism due to the pipeline being situated primarily near communities of Black, Brown and Indigenous peoples, where oil has leaked into soil and water.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Also known as Schlumberger, provides products and services for the oil and gas sector with a focus on support for exploration and drilling.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Baker Hughes provides oilfield services and equipment as well as energy technology. Companies involved in oil and gas services provide tailor-made products and services for the oil and gas sector including exploration and production.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
ExxonMobil, headquartered in the USA, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company is engaged in the exploration and production of crude oil and natural gas, as well as in the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and specialty products. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 51.1%.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Procter & Gamble Co. is a consumer products company involved in home goods, cosmetics and healthcare products. The company says they are committed to being cruelty free and ending animal testing, but are still involved in animal testing their cosmetic products, particularly on ingredients for cosmetics.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Chevron, headquartered in the USA, is an integrated energy company with exploration, production, and refining operations worldwide. The company is the second-largest oil company in the USA and engages in hydrocarbon exploration and production, refining, marketing and transport, chemicals manufacturing and sales, and power generation. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 52.4%.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production or retail of tobacco, or tobacco-related products and services.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production or retail of tobacco, or tobacco-related products and services.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the development or release of GMO plants and seeds.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Estee Lauder is a multinational cosmetics company, a manufacturer and marketer of makeup, skincare, fragrance, and hair care products. The company states that its products are sold in countries where animal testing of cosmetic products is required by law.
Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.
Johnson & Johnson is the world's largest and most diverse healthcare firm. Repeated incidents related to the quality and safety of several of its products across drugs, devices, and consumer products. Exceptioanlly high number of liability claims relating to talc based products and links to cancers.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Develops and operates Israel’s Population Registry System which holds information on residents of Occupied Palestinian Territories. The registry enables control of work and travel permits for Palestinians. This supports severe violations of human rights including freedom of movement and data privacy rights.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Wells Fargo is a multinational financial services company which serves millions of customers in 35 countries. They have been involved in significant business ethics scandals for false inflation, cross selling and misleading customers over a period of 2002 to 2016.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Caterpillar’s bulldozers have been used in ways that seriously harm the human rights of Palestinians in Occupied Territories e.g. demolition of homes. Bullozers have also been complicit in human rights abuses in Myanmar & West Sahara. Under UN Principles, companies have obligations to prevent Human Rights breaches from product use in situations of conflict. They also provide specialist equipment to the oil and gas sector.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
Thermo Fisher Scientific sells scientific instruments and laboratory equipment, diagnostics consumables, and life science reagents. Thermo Fisher DNA testing kits have been linked to surveillance and discriminatory purposes by the legal authorities in Xinjiang (a region of China) for monitoring and tracking the Muslim Uyghur ethnic group and other minorities. Evidence that DNA sequencing products continue to be distributed in China, despite the company announcing it would halt sales to the region.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Motorola is an American provider of communication products, video equipment, telecommunications equipment, software, systems, and services. Motorola Solutions and its subsidiary, Motorola Israel, have been accused of complicity in human rights violations due to its sale of communication products to the Israeli Ministry of Defence in the occupied Palestinian territories. Israeli settlements in occupied Palestinian territories are deemed illegal under international law.
Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
The USA’s largest retailer by sales, selling a variety of general merchandise and grocery items. Walmart retails shotguns, pistols and ammunition at some of its stores in the USA, as well as components for firearms such as scopes (less than 1% given scale of other lines). Walmart operates stricter controls on firearms than required by US federal law.
Where companies are involved in the manufacturing or retail of controversial weapons (e.g., landmines and cluster munitions) or components or services thereof.
Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Where companies are involved in the manufacturing or sale of nuclear weapons or components or services thereof.
Where companies are involved in the manufacturing or retail of controversial weapons (e.g., landmines and cluster munitions) or components or services thereof.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies are involved in the manufacturing or sale of nuclear weapons or components or services thereof.
Where companies are involved in the manufacturing or retail of controversial weapons (e.g., landmines and cluster munitions) or components or services thereof.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Where companies are involved in the manufacturing or sale of nuclear weapons or components or services thereof.
Lockheed Martin is the world's largest military company, manufacturing and selling fighter jets, attack helicopters, armoured vehicles, missiles, surveillance radars, and surveillance systems. The company is also involved in the development and maintenance of nuclear weapons systems, which research shows pose existential threats to humanity and the environment.The company has also been criticised for profiting from the sale of arms to governments involved in conflicts with questionable human rights recordsincluding against Palestinian civilians in illegally occupied Israeli settlements.
Where companies are involved in the manufacturing or retail of controversial weapons (e.g., landmines and cluster munitions) or components or services thereof.
Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Where companies are involved in the manufacturing or sale of nuclear weapons or components or services thereof.
Where companies are involved in the manufacturing or retail of controversial weapons (e.g., landmines and cluster munitions) or components or services thereof.
Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Where companies are involved in the manufacturing or sale of nuclear weapons or components or services thereof.
Where companies are involved in the manufacturing or retail of controversial weapons (e.g., landmines and cluster munitions) or components or services thereof.
Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Where companies are involved in the manufacturing or sale of nuclear weapons or components or services thereof.
Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Where companies are involved in the manufacturing or retail of controversial weapons (e.g., landmines and cluster munitions) or components or services thereof.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Where companies are involved in the manufacturing or sale of nuclear weapons or components or services thereof.
Invests in US shares and is designed to track the return (before tax, fees and other expenses) of the CRSP US Large Cap Value Index.
| Value | $23.7M NZD |
| Period of data report | 30th Sept. 2025 |
| Fund started | 28th Oct. 2016 |
| Total annual fund fees | 0.47% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 0.42% |
| Other management and administration charges | 0.05% |
| Total other charges | 12.0 |
| Total other charges currency | NZD |
|
Guy Roulston Elliffe |
Currently: Director (9 years, 10 months)
|
|
Stuart Kenneth Reginald Millar |
Currently: Chief Investment Officer - Smartshares (6 years, 4 months)
|
|
Alister John Williams |
Currently: Director (9 years, 10 months)
|
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th Sept. 2025.
Past annual returns for this fund are after fees and taxes. Please note that higher past returns do not always mean higher future returns.
| Year | Market Average | Fund Annual Return |
|---|---|---|
| 2025 | 4.07% | 9.97% |
| 2024 | 15.78% | 24.15% |
| 2023 | -4.85% | 2.09% |
| 2022 | 3.53% | 14.75% |
| 2021 | 35.55% | 25.64% |
| 2020 | -7.06% | -2.58% |
| 2019 | 10.17% | 12.72% |
| 2018 | 7.53% | 4.63% |
The market average is the average return for funds of the same risk category, sourced from the Commission for Financial Capability's Sorted website. The fund information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th Sept. 2025.
Vanguard Value ETF
United States International Equities
NZD Cash Account (ANZ Bank)
New Zealand Cash and Equivalents AA-
USD Cash Account (BNP Paribas)
United States Cash and Equivalents AA-
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 0.0% | 0.05% |
| New Zealand Fixed Interest | 0.0% | 0.0% |
| International Fixed Interest | 0.0% | 0.0% |
| Australasian Equities | 0.0% | 0.0% |
| International Equities | 100.0% | 99.95% |
| Listed Properties | 0.0% | 0.0% |
| Unlisted Properties | 0.0% | 0.0% |
| Other | 0.0% | 0.0% |
| Commodities | 0.0% | 0.0% |
How the money in this fund is invested by asset type.
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th Sept. 2025.
This data is compiled by Mindful Money from the fund information and portfolios
that each
fund has
filed with the Disclose register to 30th Sept. 2025 and Mindful Money
analysis of funds within those portfolios. The list of companies of concern has
been drawn from ratings agencies and public sources, including the Norwegian
Sovereign Fund, NZ Super Fund, Sustainalytics and research organisations.
Please note that companies may breach more than one of these areas of
concern.
The listing of companies of concern is based on definitions used in Mindful Money's
methodology. These definitions may
be different from the exclusions policy and definitions applied by the fund provider.
Mindful Money uses the term Mindful Funds as our standard
for ethical investment and responsible investment. This does not imply that
other funds are unethical or that the fund providers that do not meet these
standards are unethical providers.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Chevron, headquartered in the USA, is an integrated energy company with exploration, production, and refining operations worldwide. The company is the second-largest oil company in the USA and engages in hydrocarbon exploration and production, refining, marketing and transport, chemicals manufacturing and sales, and power generation. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 52.4%.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Collectively the Coca-Cola related entities produce the most plastic rubbish in our oceans at 3 million tons of plastic packaging annually, which has devastating impacts on our oceans, wreaking havoc on wildlife and sending plastic particles into the food chain. Coca-Cola has also been subject to several lawsuits relating to marketing claims about the sustainability of its products.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
The world’s second largest source of plastic garbage in the world’s oceans, which has devastating impacts on our oceans, wreaking havoc on wildlife and sending plastic particles into the food chain. Alongside other large companies who use plastics, PepsiCo appeared to lobby against some improvements propopsed by the Global Plastics Treaty.
Where companies are involved in the manufacturing or retail of controversial weapons (e.g., landmines and cluster munitions) or components or services thereof.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies are involved in the manufacturing or sale of nuclear weapons or components or services thereof.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
The fifth largest producer worldwide of plastics in our oceans. It is seen by some investors as having unambitious recycling goals which it is also not meeting. Mondelez has also been linked to deforestation and child labour due to its operations.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Owns the Grasberg mine in Indonesia where tailings are disposed directly into a river. Note, this type of disposal is banned in most countries. The pollution causes significant negative impact to the health of indigenous communities and wildlife in a biodiversity hotspot.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Marathon Petroleum Corp’s ownership in the Dakota Access Pipeline has been at the center of continuous legal scrutiny and controversy due to the environmental and human rights impact. The impact has been significant with claims of environmental racism due to the pipeline being situated primarily near communities of Black, Brown and Indigenous peoples, where oil has leaked into soil and water.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the development or release of GMO plants and seeds.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies are involved in, or directly linked to through their supply chain, the act of deforestation or clearance of forest that is then converted to a non-forest use.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
ExxonMobil, headquartered in the USA, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company is engaged in the exploration and production of crude oil and natural gas, as well as in the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and specialty products. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 51.1%.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Chevron, headquartered in the USA, is an integrated energy company with exploration, production, and refining operations worldwide. The company is the second-largest oil company in the USA and engages in hydrocarbon exploration and production, refining, marketing and transport, chemicals manufacturing and sales, and power generation. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 52.4%.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Caterpillar’s bulldozers have been used in ways that seriously harm the human rights of Palestinians in Occupied Territories e.g. demolition of homes. Bullozers have also been complicit in human rights abuses in Myanmar & West Sahara. Under UN Principles, companies have obligations to prevent Human Rights breaches from product use in situations of conflict. They also provide specialist equipment to the oil and gas sector.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Marathon Petroleum Corp’s ownership in the Dakota Access Pipeline has been at the center of continuous legal scrutiny and controversy due to the environmental and human rights impact. The impact has been significant with claims of environmental racism due to the pipeline being situated primarily near communities of Black, Brown and Indigenous peoples, where oil has leaked into soil and water.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Also known as Schlumberger, provides products and services for the oil and gas sector with a focus on support for exploration and drilling.
Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Baker Hughes provides oilfield services and equipment as well as energy technology. Companies involved in oil and gas services provide tailor-made products and services for the oil and gas sector including exploration and production.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
ExxonMobil, headquartered in the USA, is an integrated oil and gas company that explores for, produces, and refines oil around the world. The company is engaged in the exploration and production of crude oil and natural gas, as well as in the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals, and specialty products. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 51.1%.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Procter & Gamble Co. is a consumer products company involved in home goods, cosmetics and healthcare products. The company says they are committed to being cruelty free and ending animal testing, but are still involved in animal testing their cosmetic products, particularly on ingredients for cosmetics.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Chevron, headquartered in the USA, is an integrated energy company with exploration, production, and refining operations worldwide. The company is the second-largest oil company in the USA and engages in hydrocarbon exploration and production, refining, marketing and transport, chemicals manufacturing and sales, and power generation. Evidence shows the company is far from being on a climate change pathway aligned with 1.5°C of global temperature rise, as the company’s planned short-term expansion overshoots the IEA Net-Zero Emissions Scenario by 52.4%.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production or retail of tobacco, or tobacco-related products and services.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the production or retail of tobacco, or tobacco-related products and services.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Where companies are involved in the development or release of GMO plants and seeds.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies are involved in testing products on animals for cosmetic, personal care, household product, chemical and other uses. We do not include companies which conduct animal testing for pharmaceutical products, medical devices, biotechnology, human food, or pet food.
Estee Lauder is a multinational cosmetics company, a manufacturer and marketer of makeup, skincare, fragrance, and hair care products. The company states that its products are sold in countries where animal testing of cosmetic products is required by law.
Where companies are involved in significant harm to individuals or communities, through the unsafe nature of their products or delivery of services and inadequate response to evidence of harm.
Johnson & Johnson is the world's largest and most diverse healthcare firm. Repeated incidents related to the quality and safety of several of its products across drugs, devices, and consumer products. Exceptioanlly high number of liability claims relating to talc based products and links to cancers.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Develops and operates Israel’s Population Registry System which holds information on residents of Occupied Palestinian Territories. The registry enables control of work and travel permits for Palestinians. This supports severe violations of human rights including freedom of movement and data privacy rights.
Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
Wells Fargo is a multinational financial services company which serves millions of customers in 35 countries. They have been involved in significant business ethics scandals for false inflation, cross selling and misleading customers over a period of 2002 to 2016.
Where companies are involved in the production of fossil fuels (oil, natural gas, coal, shale oil) including exploration, production (including core services), storage, transport (except by rail) and refining.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Caterpillar’s bulldozers have been used in ways that seriously harm the human rights of Palestinians in Occupied Territories e.g. demolition of homes. Bullozers have also been complicit in human rights abuses in Myanmar & West Sahara. Under UN Principles, companies have obligations to prevent Human Rights breaches from product use in situations of conflict. They also provide specialist equipment to the oil and gas sector.
Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
Thermo Fisher Scientific sells scientific instruments and laboratory equipment, diagnostics consumables, and life science reagents. Thermo Fisher DNA testing kits have been linked to surveillance and discriminatory purposes by the legal authorities in Xinjiang (a region of China) for monitoring and tracking the Muslim Uyghur ethnic group and other minorities. Evidence that DNA sequencing products continue to be distributed in China, despite the company announcing it would halt sales to the region.
Where a company is complicit in its products or services enabling violations of the Geneva Convention and infringement of the rights of individuals in war or conflict situations.
Motorola is an American provider of communication products, video equipment, telecommunications equipment, software, systems, and services. Motorola Solutions and its subsidiary, Motorola Israel, have been accused of complicity in human rights violations due to its sale of communication products to the Israeli Ministry of Defence in the occupied Palestinian territories. Israeli settlements in occupied Palestinian territories are deemed illegal under international law.
Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
The USA’s largest retailer by sales, selling a variety of general merchandise and grocery items. Walmart retails shotguns, pistols and ammunition at some of its stores in the USA, as well as components for firearms such as scopes (less than 1% given scale of other lines). Walmart operates stricter controls on firearms than required by US federal law.
Where companies are involved in the manufacturing or retail of controversial weapons (e.g., landmines and cluster munitions) or components or services thereof.
Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Where companies are involved in the manufacturing or sale of nuclear weapons or components or services thereof.
Where companies are involved in the manufacturing or retail of controversial weapons (e.g., landmines and cluster munitions) or components or services thereof.
Where companies are involved in the production or distribution of chemicals which are highly hazardous to human or environmental health including herbicides, pesticides and PFAS.
Where companies are involved in the manufacturing or sale of nuclear weapons or components or services thereof.
Where companies are involved in the manufacturing or retail of controversial weapons (e.g., landmines and cluster munitions) or components or services thereof.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Where companies are involved in the manufacturing or sale of nuclear weapons or components or services thereof.
Lockheed Martin is the world's largest military company, manufacturing and selling fighter jets, attack helicopters, armoured vehicles, missiles, surveillance radars, and surveillance systems. The company is also involved in the development and maintenance of nuclear weapons systems, which research shows pose existential threats to humanity and the environment.The company has also been criticised for profiting from the sale of arms to governments involved in conflicts with questionable human rights recordsincluding against Palestinian civilians in illegally occupied Israeli settlements.
Where companies are involved in the manufacturing or retail of controversial weapons (e.g., landmines and cluster munitions) or components or services thereof.
Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Where companies are involved in the manufacturing or sale of nuclear weapons or components or services thereof.
Where companies are involved in the manufacturing or retail of controversial weapons (e.g., landmines and cluster munitions) or components or services thereof.
Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Where companies are involved in the manufacturing or sale of nuclear weapons or components or services thereof.
Where companies are involved in the manufacturing or retail of controversial weapons (e.g., landmines and cluster munitions) or components or services thereof.
Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Where companies are involved in the manufacturing or sale of nuclear weapons or components or services thereof.
Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Where companies are involved in the manufacturing or retail of controversial weapons (e.g., landmines and cluster munitions) or components or services thereof.
Where companies derive revenue from the manufacturing of weapons or weapon components and services to the defence industry. We do not include non-weapons-related military support.
Where companies are involved in the manufacturing or sale of nuclear weapons or components or services thereof.
Invests in US shares and is designed to track the return (before tax, fees and other expenses) of the CRSP US Large Cap Value Index.
| Value | $23.7M NZD |
| Period of data report | 30th Sept. 2025 |
| Fund started | 28th Oct. 2016 |
| Total annual fund fees | 0.47% |
| Total performance based fees | 0.0% |
| Manager's basic fee | 0.42% |
| Other management and administration charges | 0.05% |
| Total other charges | 12.0 |
| Total other charges currency | NZD |
|
Guy Roulston Elliffe |
Currently: Director (9 years, 10 months)
|
|
Stuart Kenneth Reginald Millar |
Currently: Chief Investment Officer - Smartshares (6 years, 4 months)
|
|
Alister John Williams |
Currently: Director (9 years, 10 months)
|
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th Sept. 2025.
Past annual returns for this fund are after fees and taxes. Please note that higher past returns do not always mean higher future returns.
| Year | Market Average | Fund Annual Return |
|---|---|---|
| 2025 | 4.07% | 9.97% |
| 2024 | 15.78% | 24.15% |
| 2023 | -4.85% | 2.09% |
| 2022 | 3.53% | 14.75% |
| 2021 | 35.55% | 25.64% |
| 2020 | -7.06% | -2.58% |
| 2019 | 10.17% | 12.72% |
| 2018 | 7.53% | 4.63% |
The market average is the average return for funds of the same risk category, sourced from the Commission for Financial Capability's Sorted website. The fund information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th Sept. 2025.
Vanguard Value ETF
United States International Equities
NZD Cash Account (ANZ Bank)
New Zealand Cash and Equivalents AA-
USD Cash Account (BNP Paribas)
United States Cash and Equivalents AA-
| Type | Target | Actual |
|---|---|---|
| Cash and Cash Equivalents | 0.0% | 0.05% |
| New Zealand Fixed Interest | 0.0% | 0.0% |
| International Fixed Interest | 0.0% | 0.0% |
| Australasian Equities | 0.0% | 0.0% |
| International Equities | 100.0% | 99.95% |
| Listed Properties | 0.0% | 0.0% |
| Unlisted Properties | 0.0% | 0.0% |
| Other | 0.0% | 0.0% |
| Commodities | 0.0% | 0.0% |
How the money in this fund is invested by asset type.
This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th Sept. 2025.
This data is compiled by Mindful Money from the fund information and portfolios
that each
fund has
filed with the Disclose register to 30th Sept. 2025 and Mindful Money
analysis of funds within those portfolios. The list of companies of concern has
been drawn from ratings agencies and public sources, including the Norwegian
Sovereign Fund, NZ Super Fund, Sustainalytics and research organisations.
Please note that companies may breach more than one of these areas of
concern.
The listing of companies of concern is based on definitions used in Mindful Money's
methodology. These definitions may
be different from the exclusions policy and definitions applied by the fund provider.
Mindful Money uses the term Mindful Funds as our standard
for ethical investment and responsible investment. This does not imply that
other funds are unethical or that the fund providers that do not meet these
standards are unethical providers.
