Funds

MAS Aggressive Fund

Fund type: Aggressive fund

Returns are the average of the latest 3 years of data reported, after fees and taxes. This fund does not yet have 3 years of data.

Annual Fees: 0.97%

Annual fees, including management and administration fees, but not membership fee. Please note that lower fees don’t always mean higher net returns.

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Total Ethical Concerns: 6.86%

The average total concerns of all managed aggressive funds is 12.02%.

Companies of Concern

Animal Cruelty 2.18%
LVMH Moët Hennessy Louis Vuitton Se
0.56%

0.56%

Animal Welfare Issues

Where companies, through their products or operations, cause harm to animals e.g., animal entertainment (such as marine parks and rodeos), livestock exports, whale meat etc.

Fur & Speciality Leather

Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).

LVMH Moët Hennessy Louis Vuitton Se Animal Welfare Issues Fur & Speciality Leather

Uses exotic leather and fur products in its luxury ranges such as crocodile, python and ostrich. Brands containing exotic leather include Donna Karan, Louis Vuitton, Fendi, Bvlgari, Céline. In addition it sells cosmetics and fragrances in China where testing on animals is required.

The Sherwin-Williams Co.
0.25%

0.25%

Animal Testing

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.
0.18%

0.18%

Animal Testing

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. Animal Testing

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.

Akzo Nobel Nv
0.12%

0.12%

Animal Testing

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.

Novozymes A/S
0.11%

0.11%

Animal Testing

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.

L'Oréal SA
0.08%

0.08%

Animal Testing

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.

L'Oréal SA Animal Testing

L'Oréal is a personal care company and cosmetics company concentrating on hair colour, skin care, sun protection, make-up, perfume, and hair care. The company states that its products are sold in countries where animal testing of cosmetic products is required by law.

Church & Dwight Co., Inc.
0.07%

0.07%

Animal Testing

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.

Colgate-Palmolive Co.
0.06%

0.06%

Animal Testing

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.

Kimberly-Clark Corp.
0.05%

0.05%

Animal Testing

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.

PPG Industries, Inc.
0.05%

0.05%

Animal Testing

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.

Rpm International, Inc.
0.05%

0.05%

Animal Testing

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.

Shin-Etsu Chemical Co., Ltd.
0.05%

0.05%

Animal Testing

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.

Umicore
0.05%

0.05%

Animal Testing

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.

Albemarle Corp.
0.04%

0.04%

Animal Testing

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.

The Clorox Co.
0.04%

0.04%

Animal Testing

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.

The Estée Lauder Companies, Inc.
0.04%

0.04%

Animal Testing

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.

The Estée Lauder Companies, Inc. Animal Testing

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.

Unilever PLC
0.04%

0.04%

Animal Testing

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.

Environmental Damage

Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

Unilever PLC Animal Testing Environmental Damage

Diversified personal-care, homecare, and packaged food company. The company states that its products are sold in countries where animal testing of cosmetic products is required by law. Also, the third largest producer of plastics in the world’s oceans and is the biggest corporate seller of plastic sachets, which are significantly destructive, particularly in the Global South. Has pushed back its plastic reduction targets from 2025 to 2034.

3M
0.03%

0.03%

Animal Testing

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.

Environmental Damage

Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

Hermès International Sca
0.03%

0.03%

Animal Welfare Issues

Where companies, through their products or operations, cause harm to animals e.g., animal entertainment (such as marine parks and rodeos), livestock exports, whale meat etc.

Fur & Speciality Leather

Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).

Hormel Foods Corp
0.03%

0.03%

Factory Farming

Where companies are involved in intensive poultry operations, including managing direct operations which raise birds or managing a network of contracted farmers, slaughtering, packaging and onward sale to wholesalers, retailers, and restaurant chains.

Seiko Epson Corp.
0.03%

0.03%

Fur & Speciality Leather

Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).

Bayer
0.02%

0.02%

Animal Testing

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.

GMOs

Where companies are involved in the development or release of GMO plants and seeds.

Highly Hazardous Chemicals

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.

Corteva, Inc.
0.02%

0.02%

Animal Testing

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.

GMOs

Where companies are involved in the development or release of GMO plants and seeds.

Highly Hazardous Chemicals

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.

Dupont De Nemours
0.02%

0.02%

Animal Testing

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.

FMC Corp.
0.02%

0.02%

Animal Testing

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.

Highly Hazardous Chemicals

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.

Westlake Corp.
0.02%

0.02%

Animal Testing

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.

Givaudan SA
0.01%

0.01%

Animal Testing

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.

Kering SA
0.01%

0.01%

Animal Welfare Issues

Where companies, through their products or operations, cause harm to animals e.g., animal entertainment (such as marine parks and rodeos), livestock exports, whale meat etc.

Fur & Speciality Leather

Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).

Otsuka Holdings Co., Ltd.
0.01%

0.01%

Animal Testing

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.

Rentokil Initial
0.01%

0.01%

Animal Testing

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.
Human Rights Violations 2.93%
Meta Platforms, Inc.
1.78%

1.78%

Public Safety

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.

Meta Platforms, Inc. Public Safety

The world’s largest social network (Facebook, Instagram, Messenger, WhatsApp). Company has faced claims and legal actions due to mental health harm (notably to young people), breaches of user privacy / data rights, and the spread of misinformation. Inadequate moderating in non-English speaking countries (e.g. Myanmar) allowed the platform to be used to incite ethnic violence. Removal of content moderation from strt of 2025 increases risk of social and political harm.

Johnson & Johnson
0.34%

0.34%

Public Safety

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 Public Safety

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.

Thermo Fisher Scientific
0.18%

0.18%

Human Rights Abuses

Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.

Thermo Fisher Scientific Human Rights Abuses

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.

Wells Fargo
0.14%

0.14%

Business Ethics

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 Business Ethics

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.

Motorola Solutions Inc
0.10%

0.10%

War & Conflict

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 Solutions Inc War & Conflict

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.

UBS
0.10%

0.10%

Business Ethics

Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.

UBS Business Ethics

Acquired Credit Suisse in 2023, a bank with very poor governance which aided clients with tax evasion and money laundering. As a result, UBS has inherited ongoing regulatory fines and lawsuits relating to these failures. UBS has also been subject to lawsuits relating to its own manipulation of foreign exchange and interbank rates. It holds a provision of USD $4bn for claims (which may not be sufficient).

Uber Technologies, Inc.
0.09%

0.09%

Labour Rights Violations

Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.

Uber Technologies, Inc. Labour Rights Violations

A ride and food delivery service provider. As Uber considers its drivers to be contractors, this limits their employee rights to the minimum wage, and providing the same benefits and rights as traditional taxi companies.

Caterpillar
0.08%

0.08%

War & Conflict

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 War & Conflict

Manufactures heavy equipment including large D9 bulldozers over a long period to the Israeli military. They have been used in demolishing Palestinian homes in illegally occupied territories, constructing illegal settlements and infrastructure. Also evidence of use in other conflict-affected areas, including Myanmar and the Western Sahara. Continued supply to conflict areas indicates lack of governance over human rights impacts and international norms.

Alstom S.A
0.04%

0.04%

War & Conflict

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.

Palantir Technologies
0.04%

0.04%

Human Rights Abuses

Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.

War & Conflict

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.

Palantir Technologies Human Rights Abuses War & Conflict

Has developed AI-based predictive policing systems. These are sold to Israeli security forces and used in surveillance of Palestinian in occupied Palestinian territories. The systems were originally designed for US immigration authorities and are used in the US to target immigrants and manage raids.

Rio Tinto
0.03%

0.03%

Fossil Fuel Power Generation

Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

Human Rights Abuses

Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.

Rio Tinto Fossil Fuel Power Generation Human Rights Abuses

A global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. In 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable and irrepairable impact on the traditional owners. Also a pattern of harmful community-related incidents in West Papua, South Africa, Canada, the US and Serbia. The company also derives revenue from coal power plants through multiple associates and subsidiaries.

Grupo México S.A.B. De C.V.
0.01%

0.01%

Fossil Fuel Production

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.

Labour Rights Violations

Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.
Social Harm 0.44%
Diageo
0.09%

0.09%

Alcohol

Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.

Brown-Forman Corp.
0.07%

0.07%

Alcohol

Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.

Constellation Brands, Inc.
0.06%

0.06%

Alcohol

Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.

Pernod Ricard SA
0.04%

0.04%

Alcohol

Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.

Vici Properties, Inc.
0.03%

0.03%

Adult Entertainment/Pornography

Where companies are involved in the production or distribution of adult entertainment.

Gambling

Where companies are involved in the manufacture or retail of gambling specialised equipment, gambling supporting products and services, or gambling operations.

Flutter Entertainment PLC
0.02%

0.02%

Gambling

Where companies are involved in the manufacture or retail of gambling specialised equipment, gambling supporting products and services, or gambling operations.

Kweichow Moutai Co., Ltd.
0.02%

0.02%

Alcohol

Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.
Fossil Fuels 0.29%
Dassault Systèmes Se
0.07%

0.07%

Fossil Fuel Production

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.

Constellation Energy Corp.
0.04%

0.04%

Fossil Fuel Power Generation

Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

Mitsubishi Corp.
0.04%

!!
This company is expanding their fossil fuel production and
is off track with the UN target to limit global temperature
rise to 1.5°C

0.04%

Environmental Damage

Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

Fossil Fuel Production

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.

Mitsubishi Corp. Environmental Damage Fossil Fuel Production

Mitsubishi Corporation is the largest seafood corporation in the world, with control over large companies, Cermaq and Toyo Reizo. The company has been charged by the Chilean Superintendence for the Environment for overproduction of salmon, for excessive krill harvesting in the Antarctic and called out for a controversial North West Shelf project, linked to various parts of their business including the companies they own.

Itochu Corp.
0.03%

!!
This company is expanding their fossil fuel production and
is off track with the UN target to limit global temperature
rise to 1.5°C

0.03%

Fossil Fuel Production

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.

Rio Tinto
0.03%

0.03%

Fossil Fuel Power Generation

Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.

Human Rights Abuses

Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.

Rio Tinto Fossil Fuel Power Generation Human Rights Abuses

A global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. In 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable and irrepairable impact on the traditional owners. Also a pattern of harmful community-related incidents in West Papua, South Africa, Canada, the US and Serbia. The company also derives revenue from coal power plants through multiple associates and subsidiaries.

Weg SA
0.03%

0.03%

Fossil Fuel Production

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.

Grupo México S.A.B. De C.V.
0.01%

0.01%

Fossil Fuel Production

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.

Labour Rights Violations

Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.

Nippon Steel Corp.
0.01%

0.01%

Fossil Fuel Production

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.

Sumitomo Corp.
0.01%

!!
This company is expanding their fossil fuel production and
is off track with the UN target to limit global temperature
rise to 1.5°C

0.01%

Fossil Fuel Production

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.
Weapons 0.66%
Walmart, Inc.
0.13%

0.13%

Firearms

Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.

Walmart, Inc. Firearms

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.

Transdigm Group, Inc.
0.11%

0.11%

Military Weapons

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.

Amphenol Corp.
0.08%

0.08%

Military Weapons

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.

Howmet Aerospace, Inc.
0.08%

0.08%

Military Weapons

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.

Heico Corp.
0.07%

0.07%

Military Weapons

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.

Mtu Aero Engines AG
0.05%

0.05%

Military Weapons

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.

Booz Allen Hamilton Holding Corp.
0.04%

0.04%

Military Weapons

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.

Daikin Industries Ltd.
0.03%

0.03%

Controversial Weapons

Where companies are involved in the manufacturing or retail of controversial weapons (e.g., landmines and cluster munitions) or components or services thereof.

Teledyne Technologies, Inc.
0.03%

0.03%

Firearms

Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.

Military Weapons

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.

Crane Co.
0.01%

0.01%

Military Weapons

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.
Environmental Harm 0.56%
PepsiCo
0.12%

0.12%

Environmental Damage

Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

PepsiCo Environmental Damage

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.

The Coca-Cola Company
0.12%

0.12%

Environmental Damage

Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

The Coca-Cola Company Environmental Damage

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.

Archer-Daniels Midland
0.04%

0.04%

Deforestation

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.

Environmental Damage

Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

Mitsubishi Corp.
0.04%

!!
This company is expanding their fossil fuel production and
is off track with the UN target to limit global temperature
rise to 1.5°C

0.04%

Environmental Damage

Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

Fossil Fuel Production

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.

Mitsubishi Corp. Environmental Damage Fossil Fuel Production

Mitsubishi Corporation is the largest seafood corporation in the world, with control over large companies, Cermaq and Toyo Reizo. The company has been charged by the Chilean Superintendence for the Environment for overproduction of salmon, for excessive krill harvesting in the Antarctic and called out for a controversial North West Shelf project, linked to various parts of their business including the companies they own.

Mondelez
0.04%

0.04%

Environmental Damage

Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

Mondelez Environmental Damage

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.

Southern Copper Corporation
0.04%

0.04%

Environmental Damage

Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

Unilever PLC
0.04%

0.04%

Animal Testing

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.

Environmental Damage

Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

Unilever PLC Animal Testing Environmental Damage

Diversified personal-care, homecare, and packaged food company. The company states that its products are sold in countries where animal testing of cosmetic products is required by law. Also, the third largest producer of plastics in the world’s oceans and is the biggest corporate seller of plastic sachets, which are significantly destructive, particularly in the Global South. Has pushed back its plastic reduction targets from 2025 to 2034.

3M
0.03%

0.03%

Animal Testing

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.

Environmental Damage

Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.

Bayer
0.02%

0.02%

Animal Testing

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.

GMOs

Where companies are involved in the development or release of GMO plants and seeds.

Highly Hazardous Chemicals

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.

Corteva, Inc.
0.02%

0.02%

Animal Testing

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.

GMOs

Where companies are involved in the development or release of GMO plants and seeds.

Highly Hazardous Chemicals

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.

FMC Corp.
0.02%

0.02%

Animal Testing

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.

Highly Hazardous Chemicals

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.

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From the Fund Provider

About this fund

About this Fund

Fund type: Aggressive fund

Past Returns: *5.00%

Returns are the average of the latest 3 years of data reported, after fees and taxes. This fund does not yet have 3 years of data.

Annual Fees: 0.97%

Annual fees, including management and administration fees, but not membership fee. Please note that lower fees don’t always mean higher net returns.

In their own words

The Aggressive Fund invests mainly in growth assets with a small allocation to income assets. The Fund aims to provide higher returns over the long term. It is suitable for investors who are prepared to accept a higher level of investment risk to potentially achieve a higher return.

MAS is proud to be a New Zealand-owned insurance and investment company that’s been enhancing the financial health and wellbeing of our Members since 1921. Originally founded by doctors for doctors, today we support all New Zealand professionals and their families with a range of insurance and investment solutions to help grow your wealth and protect what’s important. As a mutual we're owned by our Members, so we have your best interests at heart and not a single dollar goes to offshore shareholders. If you'd like to discuss your insurance or investment requirements, we'd love to talk.

Value	$2.59M NZD
Period of data report	30th June 2025
Fund started	31st Jan. 2024
Total annual fund fees	0.97%
Total performance based fees	0.0%
Manager's basic fee	0.87%
Other management and administration charges	0.1%
Total other charges	0.0
Total other charges currency	NZD

Key Personnel

Brendan O’Donovan	Currently: Chair Investment Committee (8 years, 3 months) Previously: Independent Director, MAS (3 years, 8 months)
Daniel Mead	Currently: Head of Investment (2 years, 1 months) Previously: Senior Portfolio Manager, AMP (2 years, 4 months)
Hayden Griffiths	Currently: Head of Asset Allocation, JBWere (29 years, 2 months) Previously: Analyst, BZW (2 years, 5 months)
Rickey Ward	Currently: Head of Investment Strategy & Research, JBWere (0 years, 2 months) Previously: Australasian Equity Manager, JBWere (11 years, 0 months)
Phil Borkin	Currently: Senior Strategist, JBWere (6 years, 6 months) Previously: Senior Macro Strategist, ANZ (4 years, 0 months)

This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th June 2025.

Past Returns

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%	4.49%

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 June 2025.

Investments

Top 10 Investments

Fisher & Paykel Healthcare Ltd

New Zealand Australasian Equities

4.67%
Infratil Ltd

New Zealand Australasian Equities

3.45%
Jbwere Premium Custody Call Account - NZD

New Zealand Cash and Equivalents

3.02%
Nvidia Corp

United States International Equities

2.51%
Apple Inc

United States International Equities

2.34%
Microsoft Corp

United States International Equities

2.32%
Hunter Global Fixed Interest Fund

New Zealand Int Fixed Interest

2.19%
Auckland International Airport Ltd

New Zealand Australasian Equities

2.04%
Meridian Energy Limited

New Zealand Australasian Equities

1.94%
Alphabet Inc Class A

United States International Equities

1.65%

Type	Target	Actual
Cash and Cash Equivalents	0.0%	3.37%
New Zealand Fixed Interest	1.7%	0.63%
International Fixed Interest	3.3%	2.19%
Australasian Equities	29.0%	27.94%
International Equities	66.0%	65.87%
Listed Properties	0.0%	0.0%
Unlisted Properties	0.0%	0.0%
Other	0.0%	0.0%
Commodities	0.0%	0.0%

Investment Mix

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 June 2025.

This data is compiled by Mindful Money from the fund information and portfolios that each fund has filed with the Disclose register to 31st March 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.

Companies of Concern
About this fund
Past Returns
Investments

Issues of Concern

2.18% Animal Cruelty
2.93% Human Rights Violations
0.44% Social Harm
0.29% Fossil Fuels
0.66% Weapons
0.56% Environmental Harm

Companies of Concern

Animal Cruelty
- LVMH Moët Hennessy Louis Vuitton Se
  0.56%
  
  0.56%
  
  Animal Welfare Issues
  
  Where companies, through their products or operations, cause harm to animals e.g., animal entertainment (such as marine parks and rodeos), livestock exports, whale meat etc.
  
  Fur & Speciality Leather
  
  Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).
  
  LVMH Moët Hennessy Louis Vuitton Se Animal Welfare Issues Fur & Speciality Leather
  
  Uses exotic leather and fur products in its luxury ranges such as crocodile, python and ostrich. Brands containing exotic leather include Donna Karan, Louis Vuitton, Fendi, Bvlgari, Céline. In addition it sells cosmetics and fragrances in China where testing on animals is required.
- The Sherwin-Williams Co.
  0.25%
  
  0.25%
  
  Animal Testing
  
  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.
  0.18%
  
  0.18%
  
  Animal Testing
  
  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. Animal Testing
  
  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.
- Akzo Nobel Nv
  0.12%
  
  0.12%
  
  Animal Testing
  
  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.
- Novozymes A/S
  0.11%
  
  0.11%
  
  Animal Testing
  
  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.
- L'Oréal SA
  0.08%
  
  0.08%
  
  Animal Testing
  
  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.
  
  L'Oréal SA Animal Testing
  
  L'Oréal is a personal care company and cosmetics company concentrating on hair colour, skin care, sun protection, make-up, perfume, and hair care. The company states that its products are sold in countries where animal testing of cosmetic products is required by law.
- Church & Dwight Co., Inc.
  0.07%
  
  0.07%
  
  Animal Testing
  
  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.
- Colgate-Palmolive Co.
  0.06%
  
  0.06%
  
  Animal Testing
  
  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.
- Kimberly-Clark Corp.
  0.05%
  
  0.05%
  
  Animal Testing
  
  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.
- PPG Industries, Inc.
  0.05%
  
  0.05%
  
  Animal Testing
  
  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.
- Rpm International, Inc.
  0.05%
  
  0.05%
  
  Animal Testing
  
  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.
- Shin-Etsu Chemical Co., Ltd.
  0.05%
  
  0.05%
  
  Animal Testing
  
  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.
- Umicore
  0.05%
  
  0.05%
  
  Animal Testing
  
  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.
- Albemarle Corp.
  0.04%
  
  0.04%
  
  Animal Testing
  
  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.
- The Clorox Co.
  0.04%
  
  0.04%
  
  Animal Testing
  
  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.
- The Estée Lauder Companies, Inc.
  0.04%
  
  0.04%
  
  Animal Testing
  
  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.
  
  The Estée Lauder Companies, Inc. Animal Testing
  
  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.
- Unilever PLC
  0.04%
  
  0.04%
  
  Animal Testing
  
  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.
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
  
  Unilever PLC Animal Testing Environmental Damage
  
  Diversified personal-care, homecare, and packaged food company. The company states that its products are sold in countries where animal testing of cosmetic products is required by law. Also, the third largest producer of plastics in the world’s oceans and is the biggest corporate seller of plastic sachets, which are significantly destructive, particularly in the Global South. Has pushed back its plastic reduction targets from 2025 to 2034.
- 3M
  0.03%
  
  0.03%
  
  Animal Testing
  
  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.
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
- Hermès International Sca
  0.03%
  
  0.03%
  
  Animal Welfare Issues
  
  Where companies, through their products or operations, cause harm to animals e.g., animal entertainment (such as marine parks and rodeos), livestock exports, whale meat etc.
  
  Fur & Speciality Leather
  
  Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).
- Hormel Foods Corp
  0.03%
  
  0.03%
  
  Factory Farming
  
  Where companies are involved in intensive poultry operations, including managing direct operations which raise birds or managing a network of contracted farmers, slaughtering, packaging and onward sale to wholesalers, retailers, and restaurant chains.
- Seiko Epson Corp.
  0.03%
  
  0.03%
  
  Fur & Speciality Leather
  
  Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).
- Bayer
  0.02%
  
  0.02%
  
  Animal Testing
  
  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.
  
  GMOs
  
  Where companies are involved in the development or release of GMO plants and seeds.
  
  Highly Hazardous Chemicals
  
  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.
- Corteva, Inc.
  0.02%
  
  0.02%
  
  Animal Testing
  
  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.
  
  GMOs
  
  Where companies are involved in the development or release of GMO plants and seeds.
  
  Highly Hazardous Chemicals
  
  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.
- Dupont De Nemours
  0.02%
  
  0.02%
  
  Animal Testing
  
  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.
- FMC Corp.
  0.02%
  
  0.02%
  
  Animal Testing
  
  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.
  
  Highly Hazardous Chemicals
  
  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.
- Westlake Corp.
  0.02%
  
  0.02%
  
  Animal Testing
  
  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.
- Givaudan SA
  0.01%
  
  0.01%
  
  Animal Testing
  
  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.
- Kering SA
  0.01%
  
  0.01%
  
  Animal Welfare Issues
  
  Where companies, through their products or operations, cause harm to animals e.g., animal entertainment (such as marine parks and rodeos), livestock exports, whale meat etc.
  
  Fur & Speciality Leather
  
  Where companies are involved in the production or retail of fur & speciality leather products (where animals are raised purely for skins).
- Otsuka Holdings Co., Ltd.
  0.01%
  
  0.01%
  
  Animal Testing
  
  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.
- Rentokil Initial
  0.01%
  
  0.01%
  
  Animal Testing
  
  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.
Human Rights Violations
- Meta Platforms, Inc.
  1.78%
  
  1.78%
  
  Public Safety
  
  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.
  
  Meta Platforms, Inc. Public Safety
  
  The world’s largest social network (Facebook, Instagram, Messenger, WhatsApp). Company has faced claims and legal actions due to mental health harm (notably to young people), breaches of user privacy / data rights, and the spread of misinformation. Inadequate moderating in non-English speaking countries (e.g. Myanmar) allowed the platform to be used to incite ethnic violence. Removal of content moderation from strt of 2025 increases risk of social and political harm.
- Johnson & Johnson
  0.34%
  
  0.34%
  
  Public Safety
  
  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 Public Safety
  
  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.
- Thermo Fisher Scientific
  0.18%
  
  0.18%
  
  Human Rights Abuses
  
  Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
  
  Thermo Fisher Scientific Human Rights Abuses
  
  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.
- Wells Fargo
  0.14%
  
  0.14%
  
  Business Ethics
  
  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 Business Ethics
  
  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.
- Motorola Solutions Inc
  0.10%
  
  0.10%
  
  War & Conflict
  
  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 Solutions Inc War & Conflict
  
  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.
- UBS
  0.10%
  
  0.10%
  
  Business Ethics
  
  Where low standards of ethics create harm because of poor culture and inappropriate incentives, inadequate governance and oversight, and incidents of bribery and corruption.
  
  UBS Business Ethics
  
  Acquired Credit Suisse in 2023, a bank with very poor governance which aided clients with tax evasion and money laundering. As a result, UBS has inherited ongoing regulatory fines and lawsuits relating to these failures. UBS has also been subject to lawsuits relating to its own manipulation of foreign exchange and interbank rates. It holds a provision of USD $4bn for claims (which may not be sufficient).
- Uber Technologies, Inc.
  0.09%
  
  0.09%
  
  Labour Rights Violations
  
  Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.
  
  Uber Technologies, Inc. Labour Rights Violations
  
  A ride and food delivery service provider. As Uber considers its drivers to be contractors, this limits their employee rights to the minimum wage, and providing the same benefits and rights as traditional taxi companies.
- Caterpillar
  0.08%
  
  0.08%
  
  War & Conflict
  
  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 War & Conflict
  
  Manufactures heavy equipment including large D9 bulldozers over a long period to the Israeli military. They have been used in demolishing Palestinian homes in illegally occupied territories, constructing illegal settlements and infrastructure. Also evidence of use in other conflict-affected areas, including Myanmar and the Western Sahara. Continued supply to conflict areas indicates lack of governance over human rights impacts and international norms.
- Alstom S.A
  0.04%
  
  0.04%
  
  War & Conflict
  
  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.
- Palantir Technologies
  0.04%
  
  0.04%
  
  Human Rights Abuses
  
  Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
  
  War & Conflict
  
  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.
  
  Palantir Technologies Human Rights Abuses War & Conflict
  
  Has developed AI-based predictive policing systems. These are sold to Israeli security forces and used in surveillance of Palestinian in occupied Palestinian territories. The systems were originally designed for US immigration authorities and are used in the US to target immigrants and manage raids.
- Rio Tinto
  0.03%
  
  0.03%
  
  Fossil Fuel Power Generation
  
  Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
  
  Human Rights Abuses
  
  Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
  
  Rio Tinto Fossil Fuel Power Generation Human Rights Abuses
  
  A global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. In 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable and irrepairable impact on the traditional owners. Also a pattern of harmful community-related incidents in West Papua, South Africa, Canada, the US and Serbia. The company also derives revenue from coal power plants through multiple associates and subsidiaries.
- Grupo México S.A.B. De C.V.
  0.01%
  
  0.01%
  
  Fossil Fuel Production
  
  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.
  
  Labour Rights Violations
  
  Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.
Social Harm
- Diageo
  0.09%
  
  0.09%
  
  Alcohol
  
  Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.
- Brown-Forman Corp.
  0.07%
  
  0.07%
  
  Alcohol
  
  Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.
- Constellation Brands, Inc.
  0.06%
  
  0.06%
  
  Alcohol
  
  Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.
- Pernod Ricard SA
  0.04%
  
  0.04%
  
  Alcohol
  
  Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.
- Vici Properties, Inc.
  0.03%
  
  0.03%
  
  Adult Entertainment/Pornography
  
  Where companies are involved in the production or distribution of adult entertainment.
  
  Gambling
  
  Where companies are involved in the manufacture or retail of gambling specialised equipment, gambling supporting products and services, or gambling operations.
- Flutter Entertainment PLC
  0.02%
  
  0.02%
  
  Gambling
  
  Where companies are involved in the manufacture or retail of gambling specialised equipment, gambling supporting products and services, or gambling operations.
- Kweichow Moutai Co., Ltd.
  0.02%
  
  0.02%
  
  Alcohol
  
  Where companies are involved in the production or retail of alcoholic beverages, or alcohol-related products and services.
Fossil Fuels
- Dassault Systèmes Se
  0.07%
  
  0.07%
  
  Fossil Fuel Production
  
  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.
- Constellation Energy Corp.
  0.04%
  
  0.04%
  
  Fossil Fuel Power Generation
  
  Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
- Mitsubishi Corp.
  0.04%
  
  !!
  This company is expanding their fossil fuel production and
  is off track with the UN target to limit global temperature
  rise to 1.5°C
  
  0.04%
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
  
  Fossil Fuel Production
  
  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.
  
  Mitsubishi Corp. Environmental Damage Fossil Fuel Production
  
  Mitsubishi Corporation is the largest seafood corporation in the world, with control over large companies, Cermaq and Toyo Reizo. The company has been charged by the Chilean Superintendence for the Environment for overproduction of salmon, for excessive krill harvesting in the Antarctic and called out for a controversial North West Shelf project, linked to various parts of their business including the companies they own.
- Itochu Corp.
  0.03%
  
  !!
  This company is expanding their fossil fuel production and
  is off track with the UN target to limit global temperature
  rise to 1.5°C
  
  0.03%
  
  Fossil Fuel Production
  
  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.
- Rio Tinto
  0.03%
  
  0.03%
  
  Fossil Fuel Power Generation
  
  Where companies source their power generation from fossil fuels (oil, natural gas, coal) to generate electricity.
  
  Human Rights Abuses
  
  Where the actions of companies have violated global standards on human rights and freedoms including customary rights of indigenous people.
  
  Rio Tinto Fossil Fuel Power Generation Human Rights Abuses
  
  A global diversified miner, predominantly in iron ore but also copper, aluminium, diamonds, gold, and industrial minerals. In 2020, Rio Tinto destroyed Aboriginal 46,000-year-old sacred sites at an iron mine in Western Australia, leaving a considerable and irrepairable impact on the traditional owners. Also a pattern of harmful community-related incidents in West Papua, South Africa, Canada, the US and Serbia. The company also derives revenue from coal power plants through multiple associates and subsidiaries.
- Weg SA
  0.03%
  
  0.03%
  
  Fossil Fuel Production
  
  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.
- Grupo México S.A.B. De C.V.
  0.01%
  
  0.01%
  
  Fossil Fuel Production
  
  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.
  
  Labour Rights Violations
  
  Where the actions of companies have violated global standards on labour rights and freedoms; including poor treatment of workers, child and forced labour, and modern slavery.
- Nippon Steel Corp.
  0.01%
  
  0.01%
  
  Fossil Fuel Production
  
  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.
- Sumitomo Corp.
  0.01%
  
  !!
  This company is expanding their fossil fuel production and
  is off track with the UN target to limit global temperature
  rise to 1.5°C
  
  0.01%
  
  Fossil Fuel Production
  
  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.
Weapons
- Walmart, Inc.
  0.13%
  
  0.13%
  
  Firearms
  
  Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
  
  Walmart, Inc. Firearms
  
  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.
- Transdigm Group, Inc.
  0.11%
  
  0.11%
  
  Military Weapons
  
  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.
- Amphenol Corp.
  0.08%
  
  0.08%
  
  Military Weapons
  
  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.
- Howmet Aerospace, Inc.
  0.08%
  
  0.08%
  
  Military Weapons
  
  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.
- Heico Corp.
  0.07%
  
  0.07%
  
  Military Weapons
  
  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.
- Mtu Aero Engines AG
  0.05%
  
  0.05%
  
  Military Weapons
  
  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.
- Booz Allen Hamilton Holding Corp.
  0.04%
  
  0.04%
  
  Military Weapons
  
  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.
- Daikin Industries Ltd.
  0.03%
  
  0.03%
  
  Controversial Weapons
  
  Where companies are involved in the manufacturing or retail of controversial weapons (e.g., landmines and cluster munitions) or components or services thereof.
- Teledyne Technologies, Inc.
  0.03%
  
  0.03%
  
  Firearms
  
  Where companies are involved in the manufacturing or retail of firearms, including guns, rifles, pistols, or components or services thereof.
  
  Military Weapons
  
  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.
- Crane Co.
  0.01%
  
  0.01%
  
  Military Weapons
  
  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.
Environmental Harm
- PepsiCo
  0.12%
  
  0.12%
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
  
  PepsiCo Environmental Damage
  
  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.
- The Coca-Cola Company
  0.12%
  
  0.12%
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
  
  The Coca-Cola Company Environmental Damage
  
  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.
- Archer-Daniels Midland
  0.04%
  
  0.04%
  
  Deforestation
  
  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.
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
- Mitsubishi Corp.
  0.04%
  
  !!
  This company is expanding their fossil fuel production and
  is off track with the UN target to limit global temperature
  rise to 1.5°C
  
  0.04%
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
  
  Fossil Fuel Production
  
  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.
  
  Mitsubishi Corp. Environmental Damage Fossil Fuel Production
  
  Mitsubishi Corporation is the largest seafood corporation in the world, with control over large companies, Cermaq and Toyo Reizo. The company has been charged by the Chilean Superintendence for the Environment for overproduction of salmon, for excessive krill harvesting in the Antarctic and called out for a controversial North West Shelf project, linked to various parts of their business including the companies they own.
- Mondelez
  0.04%
  
  0.04%
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
  
  Mondelez Environmental Damage
  
  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.
- Southern Copper Corporation
  0.04%
  
  0.04%
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
- Unilever PLC
  0.04%
  
  0.04%
  
  Animal Testing
  
  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.
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
  
  Unilever PLC Animal Testing Environmental Damage
  
  Diversified personal-care, homecare, and packaged food company. The company states that its products are sold in countries where animal testing of cosmetic products is required by law. Also, the third largest producer of plastics in the world’s oceans and is the biggest corporate seller of plastic sachets, which are significantly destructive, particularly in the Global South. Has pushed back its plastic reduction targets from 2025 to 2034.
- 3M
  0.03%
  
  0.03%
  
  Animal Testing
  
  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.
  
  Environmental Damage
  
  Where companies, through their products or operations, are involved in environmental degradation e.g., pollution, chemical spills.
- Bayer
  0.02%
  
  0.02%
  
  Animal Testing
  
  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.
  
  GMOs
  
  Where companies are involved in the development or release of GMO plants and seeds.
  
  Highly Hazardous Chemicals
  
  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.
- Corteva, Inc.
  0.02%
  
  0.02%
  
  Animal Testing
  
  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.
  
  GMOs
  
  Where companies are involved in the development or release of GMO plants and seeds.
  
  Highly Hazardous Chemicals
  
  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.
- FMC Corp.
  0.02%
  
  0.02%
  
  Animal Testing
  
  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.
  
  Highly Hazardous Chemicals
  
  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.

About this Fund

Fund type: Aggressive fund

Past Returns: *5.00%

Returns are the average of the latest 3 years of data reported, after fees and taxes. This fund does not yet have 3 years of data.

Annual Fees: 0.97%

Annual fees, including management and administration fees, but not membership fee. Please note that lower fees don’t always mean higher net returns.

In their own words

Value	$2.59M NZD
Period of data report	30th June 2025
Fund started	31st Jan. 2024
Total annual fund fees	0.97%
Total performance based fees	0.0%
Manager's basic fee	0.87%
Other management and administration charges	0.1%
Total other charges	0.0
Total other charges currency	NZD

Key Personnel

Brendan O’Donovan	Currently: Chair Investment Committee (8 years, 3 months) Previously: Independent Director, MAS (3 years, 8 months)
Daniel Mead	Currently: Head of Investment (2 years, 1 months) Previously: Senior Portfolio Manager, AMP (2 years, 4 months)
Hayden Griffiths	Currently: Head of Asset Allocation, JBWere (29 years, 2 months) Previously: Analyst, BZW (2 years, 5 months)
Rickey Ward	Currently: Head of Investment Strategy & Research, JBWere (0 years, 2 months) Previously: Australasian Equity Manager, JBWere (11 years, 0 months)
Phil Borkin	Currently: Senior Strategist, JBWere (6 years, 6 months) Previously: Senior Macro Strategist, ANZ (4 years, 0 months)

This information has been sourced from the quarterly data that each fund has filed with Disclose register to 30th June 2025.

Past Returns

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%	4.49%

Top 10 Investments

Fisher & Paykel Healthcare Ltd

New Zealand Australasian Equities

4.67%
Infratil Ltd

New Zealand Australasian Equities

3.45%
Jbwere Premium Custody Call Account - NZD

New Zealand Cash and Equivalents

3.02%
Nvidia Corp

United States International Equities

2.51%
Apple Inc

United States International Equities

2.34%
Microsoft Corp

United States International Equities

2.32%
Hunter Global Fixed Interest Fund

New Zealand Int Fixed Interest

2.19%
Auckland International Airport Ltd

New Zealand Australasian Equities

2.04%
Meridian Energy Limited

New Zealand Australasian Equities

1.94%
Alphabet Inc Class A

United States International Equities

1.65%

Type	Target	Actual
Cash and Cash Equivalents	0.0%	3.37%
New Zealand Fixed Interest	1.7%	0.63%
International Fixed Interest	3.3%	2.19%
Australasian Equities	29.0%	27.94%
International Equities	66.0%	65.87%
Listed Properties	0.0%	0.0%
Unlisted Properties	0.0%	0.0%
Other	0.0%	0.0%
Commodities	0.0%	0.0%

Investment Mix

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 June 2025.

Funds

MAS Aggressive Fund

Total Ethical Concerns: 6.86%

Companies of Concern

Animal Cruelty 2.18%

Human Rights Violations 2.93%

Fossil Fuels 0.29%

Weapons 0.66%

Environmental Harm 0.56%

From the Fund Provider

About this fund

About this Fund

In their own words

Key Personnel

Past Returns

Past Returns

Investments

Top 10 Investments

Investment Mix

Issues of Concern

Companies of Concern

Animal Cruelty

Human Rights Violations

Fossil Fuels

Weapons

Environmental Harm

About this Fund

In their own words

Key Personnel

Past Returns

Top 10 Investments

Investment Mix

Disclosures

Investing Risk

How we are funded

Privacy

Funds

MAS Aggressive Fund

Total Ethical Concerns: 6.86%

Companies of Concern

Animal Cruelty 2.18%

Human Rights Violations 2.93%

Social Harm 0.44%

Fossil Fuels 0.29%

Weapons 0.66%

Environmental Harm 0.56%

From the Fund Provider

About this fund

About this Fund

In their own words

Key Personnel

Past Returns

Past Returns

Investments

Top 10 Investments

Investment Mix