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Fund Outline

Investment Objective This Fund aims to generate capital growth over the long term by actively managing your New Zealand and Australian equity investments. The Fund also aims to deliver 5% return above the MSCI ESG benchmark over a rolling three-year period.
Strategy  The Fund will look to invest in those companies that score highly on overall environmental, social and corporate governance performance. The Fund also employs an ethical screen that will exclude companies where more than 10% of business revenue is derived from the manufacture of alcohol, gambling, pornography and the exploration, extraction, refining, processing of fossil fuels1. The Fund will also employ an ethical screen that will exclude companies where any business revenue is derived from the manufacture or sale of armaments2, production and manufacture of tobacco and tobacco-based products or nicotine alternatives3, and any company involved in whaling activities or on human rights watchlists as stated by MSCI.  The Fund invests in a select portfolio of well researched New Zealand and Australian listed companies. 

0-100% New Zealand shares (Australasian equities)

0-100% Australian shares (Australasian equities)

0-10% cash or cash equivalent securities. 

Exclusions Available here
Benchmark 50:50 composite of the S&P/NZX50 Portfolio Index and the S&P/ASX200G index hedged to NZD. 
Portfolio Manager Ben Jenkin
Hedging Permitted range 0-100% 
Structure Portfolio Investment Entity (PIE) registered
Suitability We recommend a minimum investment period of at least 5 years.
Fund Details Date of Establishment: 1 July 2020
  Date of Transition to the FMCA Regime: 14 October 2016
  Manager: Devon Funds Management Limited
  Portfolio Manager: Ben Jenkin
  Supervisor: The New Zealand Guardian Trust Company Limited
  Auditor: PricewaterhouseCoopers
Minimum Amount for: Initial Investment - $10,000
  Additional Investment - $1,000 or $100 per quarter with a regular savings plan
  Withdrawal - $2,000
Fees Entry, Exit & Switch Fees - Nil
  Management Fee - 1.00% p.a. plus GST
  Performance Fee - Nil
  Trustee, custody and administration fees - Capped at 0.25% p.a. plus GST
  Other Fund expenses - Abnormal or one-off costs, brokerage, all taxes that may be incurred by the Fund
Distribution Distributions will be paid half yearly, at the Manager's discretion
Applications & Withdrawals Daily, by 2.30pm (NZ time) to receive that COB price.
Unit pricing Available here
Previous Funds Updates  Available here

1 For companies involved in the exploration, extraction, refining, or processing of fossil fuels, this applies to companies where more than 10% of business revenue is derived from coal or oil, including unconventional oil and unconventional gas. The Fund will also exclude:

  • companies where more than 50% of business revenue is derived from the production of dedicated equipment or services for the fossil fuel sector.  
  • companies where more than 10% of business revenue is derived from the production of electricity if the company has a generation mix dominated by coal.

2 For companies involved in the manufacture and sale of armaments, the Fund will exclude:

  • companies involved in the development and production of biological and chemical weapons, depleted uranium ammunition/armour, anti-personnel mines or cluster munitions/sub-munitions and their key components.
  • companies (including their subsidiaries and investments) involved in the development, production and maintenance of nuclear weapons.

3 Tobacco-based products or nicotine alternatives includes:

  • Electronic nicotine delivery systems (ENDS) as defined by the US Food and Drug Administration (e.g. ‘vaping’ devices, e-cigarettes) alternatively described as nicotine vaping products (NVP)
  • Dissolvable and non-combustible tobacco products (e.g. nicotine pouches, snuff)
  • Shisha and water pipes

Download our Proxy Voting Report here

Download the Devon Sustainability Fund Holdings here