Summaryofresultandcomments

Below we summarise the results for each of the categories and our comments/indicated follow ups for each investment manager. Note that, in certain categories, our summaries go beyond the request for information and include our experience in interacting with each manager. As noted, the information is a summary of the due diligence response provided by each manager. Greater detail from Consilium is available upon request.

Ownership structure and major shareholders

In this category we are looking for changes in ownership structure that may indicate a change in operating policy,culture and investment mandates. Secondly, we are looking to ensure the fund has the financial backing to withstand losses of investors and market downturns.

Fund manager Ownership structure and major shareholders - summary Comments

Harbour Harbour is currently 76% owned by its parent, Jarden Group Ltd (rebranded from First NZ Capital Group in Jun-19), and 24% owned by Harbour employees.

BlackRock BlackRock, Inc. (“BlackRock”) is the ultimate parent company for the proposed BlackRock contracting entity, BlackRock Investment Management (Australia) Limited (“BIMAL”). As at 31 December 2021, there was no person known by BlackRock to own beneficially 10% or more of any class of outstanding voting securities of BlackRock.

Harbour has had no significant organisational changes in either the past 12 months or three years.

In May 2020, Blackrock underwent a significant ownership change. Through a secondary offering commenced by Blackrock, PNC (a 22% shareholder) exited its full investment in Blackrock. Blackrock confirmed the change in ownership structure did not have an impact on the efficient management of the funds

Dimensional Established in 1994, DFA Australia Ltd is a wholly owned subsidiary of US based Dimensional Fund Advisors LP. The parent company is a U.S. limited partnership with the majority owners being company executives, current and former employees and directors, and their respective families.

Macquarie

Management (MAM)

Asset

Macquarie Group is an Australian publicly held company (ASX: MQG) and the ultimate parent company of the various licensed entities that Macquarie Asset Management Public Investment (MAM PI) operates under globally. Macquarie Asset Management Public Investments (NZ) Limited is a wholly owned subsidiary of MAMNZ and is the manager of the Macquarie Investment Funds

On 20 September 2022 it was announced that Mercer (N.Z.) Limited will take over as Manager of the Macquarie funds in New Zealand, subject to approval. Macquarie will be working closely with Mercer over coming months towards a seamless transition for clients, which is anticipated to be completed by the first quarter of 2023. Macquarie Asset Management (NZ) Limited intends to remain the Investment Manager and retain a local investment management presence in New Zealand, and there will be no immediate change for clients.

No notable change in the last 3 years

On 25th March 2022, MAM finalised its acquisition of AMP Capital’s Global Equity and Fixed Income business

Consilium is in regular contact with Macquarie in respect of any information relating to the progress of this merger.