22

“BIG MACRO” REACHES A PEAK

Scott Berg - Portfolio Manager, T. Rowe Price Global Growth Stock Strategy

- Scott Berg -

While the aftershock

of Donald Trump's US election victory continues to be felt across global markets, T. Rowe Price portfolio manager Scott Berg highlights some of the challenges they face distinguishing between meaningful change and market noise in the year ahead and why they are confident in their exposure to the financials sector.

EXECUTIVE SUMMARY

▶ The election of Donald Trump has caused a significant change in sentiment. While uncertainty reigns on any specifics, markets have voted quickly and aggressively that growth, inflation, and U.S. interest rates will rise. ▶ We believe less has changed fundamentally than is currently priced in to markets and would caution against chasing a cyclical bounce. ▶ We remain constructive and believe that global equities can still deliver solid returns, but it will be crucial to monitor corporate earnings, individually as stock pickers and in aggregate as equity investors. ▶ Importantly, there are strong signs of an evolution in equity markets. If we are right, we are moving away from the theme of “big macro” being the extreme driver of stock returns and more toward a stock pickers’ market.

Since the election of Donald Trump, some deep cyclical segments of the market

Earnings delivery is likely to be key over the medium term, and this is an environment where we feel comfortable given our bottom-up, earnings growth focus.

More importantly, while inherently hard to predict, we do not anticipate an especially defined style environment looking out.

- Scott Berg

have been given a shot in the arm on the back of his pro-growth policies. However, we believe less has actually changed

fundamentally than is currently being priced in to markets. We are focusing intensely on stocks we own and those stocks we would seek to own on any weakness. For us, it is important to distinguish between meaningful change and market noise.

Key to our view is the need to believe in durable earnings improvement. In many cases, we do not see a fundamental change at present in these cyclical sectors. We have been underweight energy and materials for some time, and remain so today. The world remains oversupplied with oil in the medium term, and if the U.S. is successful at extracting more of its reserves as per early rhetoric around energy independence, this should ultimately put a ceiling on oil prices.

While we are cautious on commodities, we have been active in financials, maintaining or increasing our positions. Our view of developed world growth and inflation going into 2017 was, and remains, one of modest improvement from a low base. We already believed before the election that some magnitude of interest rate rise cycle was likely. Therefore, we were happy to have decent exposure to the financials sector. We also continue to favor emerging markets. The year 2016 was a roller coaster for emerging markets, and despite concerns over Donald Trump’s rhetoric around trade, we remain steadfast in our positive views.

Overall, we remain constructive and believe that global equities can deliver solid returns over the next 12–24 months. Led by the U.S., economic growth expectations are rising and industrial production and earnings data have been steady after a period of real weakness. If the future does hold broadbased growth, then some degree of cyclical repricing makes sense. However, there is a level of overexcitement surrounding the policies of Donald Trump playing out in markets at present, and we would expect the strong run for deep cyclicals and Value to slow when hope meets reality this year. Earnings delivery is likely to be key over the medium term, and this is an environment where we feel comfortable given our bottom-up, earnings growth focus.

More importantly, while inherently hard to predict, we do not anticipate an especially defined style environment looking out. Instead, we see strong foundations for the evolution of a stock pickers’ market as we move away from “big macro” being the extreme driver of stock returns. This is especially likely if earnings delivery reasserts itself as a driver of stock returns. Indeed, stock correlations have already fallen, providing more opportunity to benefit from the disparity of company fortunes.

IMPORTANT INFORMATION

This material, including any statements, information, data and content contained within it and any materials, information, images, links, graphics or recording provided in conjunction with this material are being furnished by T. Rowe Price for general informational purposes only.

The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request. It is not intended for distribution to retail investors in any jurisdiction. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price. The material does not constitute a distribution, an offer, an invitation, recommendation or solicitation to sell or buy any securities in any jurisdiction. The material has not been reviewed by any regulatory authority in any jurisdiction. The material does not constitute advice of any nature and prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested.

The views contained herein are as of February 2017, written by designated investment professional of T. Rowe Price and may have changed since that time. These opinions may differ from those of other investment professionals of T. Rowe Price.

For wholesale clients in New Zealand only.

T. ROWE PRICE, INVEST WITH CONFIDENCE and the Bighorn Sheep design are, collectively and/or apart, trademarks or registered trademarks of T. Rowe Price Group, Inc. in the United States, European Union, and other countries. This material is intended for use only in select countries. 2017-GL-5652

IMAGINING YOUR BUSINESS FUTURE

Planning is key for business success but getting the goals right is vital, writes Russell Hutchinson.

{RUSSELL HUTCHINSON}

Are you all fired up after

listening to some speaker and you think, right…

Or are you contemplating the future and wondering if there is a role for fee charging? Or thinking about a line extension – adding home loans or KiwiSaver perhaps? Maybe you have been approached with a referral deal? So many new things could be considered.

Thinking about the future is great. If you are optimistic and have a creative streak that engine could pull your business forward and drive growth. Too much, of course, has its risks. Too little is harder to spot. Instead of spending loads of time in a room with a whiteboard it seems like the responsible thing: you just do what’s in front of you, taking each decision on merit.

COMMON COMBINATIONS

But do that for too long and incremental changes can be haphazard and even conflicting – wasting time and energy and subtracting rather than adding or multiplying the value of your business. What seems like a logical combination from your point of view can look strange to customers: what if it says insurance over the door, now you tell me you can’t insure my house, but you can do my KiwiSaver, huh? I know why those combinations are common but if it makes no sense to your customers it isn’t going to be much help with your marketing.

Quite often the options in front of us were simply put there – someone promoted the idea to you – and you are being asked to become part of someone else’s plan rather than creating an exciting plan of your own. So if you haven’t worked on business strategy for a while, now might be the time.

I suggest you try developing whole concepts. A business concept is a short description written in the kind of language you might use if you were describing your idea to a friend who knows little about your work – a plain statement of what you think might make a difference. By describing your whole business, it can avoid the problems of trying to test an idea on its own which is difficult to communicate.

SYNCHRONISING BUSINESS

There is a world of difference between saying to a client, “I’m thinking of starting to charge fees”, and, “I’m thinking of a subscription service, a fixed fee and you can call me for as much advice as you need without worrying about the cost”.

It also encourages you to think how parts of your business work with each other. Like the idea of adding home loans and house and contents insurance to your offer both at the same time: “We’re going to take care of all the financial stuff when people move or buy property.”

The other great thing about these simple pitches is that it helps to make them testable. There are so many good ideas you can get when you can test your plans with people. Take your business concept statement to a local graphic artist

Here are some concepts for future advice businesses which you might want to consider to help start the process. Bear in mind they are not a recommendation, just examples based on various models we have seen from around the world:

Health and wealth – where you actively link the idea of health with wealth and focus on the group of customers that want to wear a Fitbit, go to the gym, watch their nutrition, and would appreciate a similarly rigorous approach to managing their finances. They see a big mortgage the same way they see a sagging waistline and want to tackle it.

Insurance adviser – why not just update the classic model? Be straightforward about it. It says insurance over the door and the customer knows to walk in and get insurance advice. Nothing flash, just building a reputation in your community for the best advice for insurance. Does what it says on the tin. Ideal if everyone else in your neighbourhood has gone with something a bit too clever.

Advice club – you pay a subscription and we work to keep your plan in tip-top shape for the fee. As part of that we manage all the kinds of insurance that go with your life, even travel covers – plus regular advice on claims. With a fee-based approach you can be independent and spend time to offer advice on high frequency-low value cover – such as travel insurance.

"What seems like a logical combination from your point of view can look strange to customers"

Risk management – we use the term a lot but if you read the standards document for risk management then you will find out that what is meant here is about hazard identification and then applying concepts like management, mitigation, avoidance, and risk transfer to achieve resilience goals. It is quite a corporate approach, rarely solely applied to personal lines, but an interesting concept for the right kind of customers.

Financial advice chambers – create a group which doesn’t actually share a corporate structure but we operate from the same location, refer to each other freely and maintain some things, perhaps a reception area, that make the whole feel more than the sum of the parts. Common in medical practices it has benefits in marketing, sharing expertise, and the biggest of fixed costs for us all: buildings and non-advice staff.

Integrated business – build a new corporate entity which pulls together the services of several advisers and enables a more cohesive, professional, and comprehensive advice service. Promote based on getting actual advice and as a place consumers can have a wide range of products compared without having to call lots of different companies themselves.

However you choose to do your future, planning is up to you. But concept development in customer-focused language has really got to be part of the process. The more you talk about it before you spend money the fewer costly mistakes you are likely to make.

Russell Hutchinson is director of Chatswood Consulting and Quality Product Research, which operates Quotemonster.

For more information call 0800 888 361

Name Latest Transaction Exit Price 1 Yr Return % 3 Yr Return 5 Yr Return Size $M Morningstar Rating Overall New Zealand Insurance Fund Miscellaneous

Booster KiwiSaver Capital Guaranteed 1.0745 2.80 -- -- 45.40 -Booster KiwiSaver Options 1.2005 2.52 -- -- 88.66 -Fidelity Life Super-Sup Options -- 1.33 4.98 5.78 13.55 -Kiwi Wealth KiwiSaver Scheme CashPlus Fd -- 2.45 3.42 -- 76.08 -NZ Funds KiwiSaver Growth Strategy 1.6211 12.20 6.93 11.17 83.85 -NZ Funds KiwiSaver Income Strategy 1.3062 6.43 4.12 4.18 18.05 -NZ Funds KiwiSaver Inflation Strategy 1.355 8.98 5.00 5.95 60.79 -Westpac KiwiSaver-Capital Protect Plan 1 2.2081 14.55 10.64 13.07 12.00 -Westpac KiwiSaver-Capital Protect Plan 2 1.9822 14.53 10.64 13.07 10.01 -Westpac KiwiSaver-Capital Protect Plan 3 1.9003 14.52 10.64 13.07 15.68 -Westpac KiwiSaver-Capital Protect Plan 4 1.9627 14.54 10.64 13.07 22.35 -Westpac KiwiSaver-Capital Protect Plan 5 1.7065 14.54 10.64 -- 18.53 --

NZ Insurance Cash

AMP KiwiSaver Cash Fund 1.464 1.78 2.59 2.64 84.21 -AMP NZRT Cash Fund 1.45709 0.73 1.57 1.62 114.24 -AMP Prem PSS OnePath NZ Cash 1.55883 1.97 2.75 2.78 4.09 -AMP PSS Select Cash 1.47041 1.77 2.55 2.55 1.10 -ANZ Default KiwiSaver Scheme-Cash 1.3934 2.37 3.00 2.97 4.34 -ANZ KiwiSaver-Cash 1.2986 2.37 3.06 2.99 315.06 -Aon KiwiSaver ANZ Cash 15.0083 1.93 2.54 2.53 4.05 -Aon KiwiSaver Nikko AM Cash 14.0147 2.30 2.95 3.08 1.39 -ASB KiwiSaver Scheme's NZ Cash 1.4176 2.26 3.04 2.92 401.07 -BNZ KiwiSaver Cash Fund 1.1238 2.65 2.87 -- 112.58 -Booster KiwiSaver Enhanced Income 1.4774 1.97 2.83 2.97 18.81 -Fidelity Life Super-Super Cash Portfolio 2.8344 0.99 1.48 1.58 4.27 -Fisher TWO KiwiSaver Scheme-Presv 2805.62154 2.23 2.95 3.09 27.85 -Kiwi Wealth KiwiSaver Scheme Cash Fund -- 2.73 3.33 -- 114.46 -Mercer KiwiSaver Cash -- 2.26 3.01 2.98 16.02 -NZ Defence Force KiwiSaver Cash -- 2.04 -- -- 0.26 -OneAnswer KiwiSaver-Cash Fund 1.3484 2.24 2.94 2.86 32.80 -SIL 60s + Sup Cash Fund 2.152 2.03 2.53 2.44 1.71 -Westpac KiwiSaver-Cash Fund 1.3594 2.36 3.01 2.95 300.09 --

NZ Insurance Equity Region Australasia

AMP Prem PSS OnePath NZ Shares 2.1757 14.26 9.06 14.04 4.39 3 Aon KiwiSaver Milford 2.969 11.71 10.36 15.56 113.65 4 Booster KiwiSaver Socially Rsp Inv Gr 1.6049 12.28 9.21 9.72 24.14 2 Booster KiwiSaver Trans-Tasman Share 1.3908 20.62 8.43 5.27 5.66 1 Milford Active Growth KiwiSaver 2.98793 11.82 10.47 15.71 628.46 4 OneAnswer KiwiSaver-Australasian Share 1.6611 14.74 12.09 16.65 24.75 4

NZ Insurance Equity Region Australia

AMP KiwiSaver Australasian Shares 1.0486 -- -- -- 0.45 --

New Zealand Insurance Fund Equity Region NZ

AMP Prem PSS ACI NZ Shares 2.38203 14.00 14.13 16.84 4.72 4 AMP Prem PSS ACI NZ Shares Index 2.0998 15.42 13.52 17.17 8.51 3 Fidelity Life NZ Shares Portfolio 5.9303 13.87 10.24 10.63 1.35 1 Fidelity Life Super-Super NZ Share -- 18.76 11.81 11.57 6.04 1 SIL 60s + Sup NZ Share Fund 5.2082 15.55 11.72 16.50 22.86 3 SIL NZ Share 5.2126 30.41 15.22 17.15 22.83 3

New Zealand Insurance Fund Equity Region World

AMP KiwiSaver International Shares 1.1103 -- -- -- 0.37 -AMP KiwiSaver Passive International 1.1085 -- -- -- 0.43 -AMP Prem PSS ACI Global Shares Index 1.97889 11.10 10.39 12.19 9.42 4 AMP Prem PSS ACI Global Shares Index Hdg 2.15465 26.89 9.27 12.55 11.42 3 AMP Prem PSS FD Intl Share Fund 1 Value 1.22903 12.97 8.75 10.80 5.76 2 AMP Prem PSS FD Intl Share Fund 3 Growth 1.34759 11.77 10.18 12.25 5.62 3 Booster KiwiSaver International Share 1.7569 16.88 9.55 11.42 8.44 3 FANZ Lifestages KiwiSaver High Growth 1.09475 14.37 -- -- 33.70 -Fidelity Life Aggressive 3.3624 8.32 8.91 9.04 0.59 3 Fidelity Life International 2.3404 13.44 6.97 8.44 0.43 2 Fidelity Life Super-Sup Intl -- 15.99 7.76 8.92 20.49 2 Fidelity Life Super-Super Aggressive -- 12.36 10.25 9.84 8.70 4 Fisher FuturePlan - Intl Coms 2.89048 15.64 6.10 8.14 24.70 2 Fisher TWO KiwiSaver Scheme-Eq 4022.427 15.37 9.23 10.49 78.55 3 Mercer KiwiSaver Shares -- 17.42 -- -- 11.40 -NZ Defence Force KiwiSaver Shares -- 17.24 -- -- 2.37 -OneAnswer KiwiSaver-Intl Share 1.6525 8.56 10.76 13.46 37.62 5 OneAnswer KiwiSaver-Sustainable Int Shr 1.5804 6.62 8.19 9.60 5.24 2 SIL 60s + Sup International Share Fund 3.1419 8.29 10.24 12.90 12.07 5

New Zealand Insurance Fund Equity Sector Global - Real Estate

AMP KiwiSaver Property 0.9508 -- -- -- 1.06 -OneAnswer KiwiSaver-Intl Property 1.3095 10.13 10.30 11.94 8.46 4

New Zealand Insurance Fund Equity Sector NZ - Real Estate

MFL Property Fund 3.8463 9.05 11.89 14.20 514.11 2 OneAnswer KiwiSaver-Australasian Prpty 1.7199 6.98 13.53 14.62 16.51 4

New Zealand Insurance Fund Global Bond

AMP KiwiSaver International Fxd Intr 0.987 -- -- -- 0.27 -AMP Prem PSS Blackrock Global Fixed Int 1.94601 2.84 5.35 5.22 2.21 3 AMP Prem PSS PIMCO Global Fixed Interest 2.27267 5.76 6.15 6.36 2.40 5

Name Latest Transaction Exit Price 1 Yr Return % 3 Yr Return 5 Yr Return Size $M Morningstar Rating Overall

AMP Prem PSS SSgA Global Fixed Int Index 1.93177 1.03 5.49 5.12 8.74 4 OneAnswer KiwiSaver-Intl Fxd Int 1.6476 1.17 5.21 4.62 2.78 2

New Zealand Insurance Fund Multisector - Aggressive

AMP KiwiSaver LS Aggressive Fund 1.4289 16.90 7.49 9.71 247.29 3 AMP NZRT AMP Aggressive 2.92883 15.80 6.46 8.64 248.21 2 AMP PSS DynamicMkts Growth 1.78268 16.17 6.98 9.10 4.08 4 AMP PSS Select Growth 1.68007 16.09 6.97 9.16 33.96 3 Aon KiwiSaver Russell Lifepoints 2045 8.0398 13.81 9.96 12.11 13.51 5 Booster KiwiSaver Asset Class Growth 8.0087 16.64 -- -- 39.13 -Booster KiwiSaver Geared Growth 1.892 20.04 11.06 11.33 6.94 4 Booster KiwiSaver High Growth 1.4194 14.56 9.06 10.20 159.60 3 Fisher Funds Growth KiwiSaver Fund 1.8347 12.54 8.08 11.00 1239.49 4 Fisher FuturePlan - Growth 2.78256 11.29 7.82 9.47 71.12 3 Generate KiwiSaver Focused Growth Fund 1.3983 10.15 9.95 -- 167.16 4 Kiwi Wealth KiwiSaver Growth -- 12.01 7.86 11.32 951.23 4 Mercer KiwiSaver High Growth -- 15.52 10.33 11.94 113.80 5 NZ Defence Force KiwiSaver High Growth -- 15.26 -- -- 6.25 --

New Zealand Insurance Fund Multisector - Balanced

AMP KiwiSaver AMP Global Multi-Asset 1.0421 -- -- -- 1.86 -AMP KiwiSaver AMP Responsible Invmt Bal 1.034 -- -- -- 2.66 -AMP KiwiSaver ASB Balanced 1.0316 -- -- -- 1.84 -AMP KiwiSaver Fisher TWO Balanced 1.6926 9.08 7.69 8.56 33.85 3 AMP KiwiSaver LS Balanced Fund 1.5683 11.51 6.24 7.77 770.26 3 AMP KiwiSaver LS Moderate Balanced Fund 1.5563 9.63 5.80 6.96 526.66 2 AMP NZRT AMP Balanced Fund 2.77422 10.54 5.28 6.73 774.84 1 AMP NZRT AMP Global Multi-Asset 1.03868 -- -- -- 0.57 -AMP NZRT AMP Moderate Balanced 2.0422 8.56 4.81 5.91 274.24 2 AMP NZRT ASB Balanced Fund 1.92683 10.39 7.34 8.35 71.24 3 AMP NZRT Fisher Balanced 2.27714 8.07 6.70 7.58 154.19 3 AMP NZRT Nikko AM Balanced 2.42923 7.65 7.78 8.77 153.77 3 AMP NZRT Responsible Investment Bal 1.03807 -- -- -- 1.84 -AMP PSS DynamicMkts Balanced 1.80578 10.77 5.66 7.07 3.19 3 AMP PSS Lifesteps Consolidation 1.73289 8.70 5.31 6.39 7.27 2 AMP PSS Lifesteps Progression 1.81976 10.66 5.58 7.09 3.00 3 AMP PSS Select Balanced 1.74962 10.78 5.68 7.16 47.34 3 ANZ Default KiwiSaver Scheme-Balanced 1.6199 7.21 7.84 9.03 86.36 3 ANZ KiwiSaver-Balanced 1.6911 7.25 7.78 9.56 1601.33 4 Aon KiwiSaver ANZ Balanced 23.3788 9.08 7.81 9.76 26.43 4 Aon KiwiSaver Russell Lifepoints 2025 8.4633 9.18 8.08 9.50 17.15 4 Aon KiwiSaver Russell Lifepoints Bal 8.5529 11.83 9.16 10.66 95.53 5 ASB KiwiSaver Scheme's Balanced 1.6782 12.14 8.97 9.91 945.46 4 BNZ KiwiSaver Balanced Fund 1.3476 12.15 7.86 -- 194.17 4 Booster KiwiSaver Balanced 1.6344 10.16 7.48 7.57 345.17 3 Booster KiwiSaver Socially Rsp Inv Bal 1.2415 8.63 -- -- 25.12 -Fidelity Life Balanced 4.2363 7.90 6.12 6.78 5.59 3 Fidelity Life Super-Super Balanced -- 8.97 -- -- 226.94 -Fisher FuturePlan - Balanced 3.83763 8.76 6.90 7.95 121.28 4 Fisher TWO KiwiSaver Scheme-Bal 4590.4095 9.43 7.61 8.64 576.98 3 Kiwi Wealth KiwiSaver Balanced -- 7.95 6.64 8.74 1168.85 3 Mercer KiwiSaver Balanced -- 10.22 8.15 9.31 283.35 4 Milford KiwiSaver Balanced 1.94951 11.76 10.49 12.87 134.70 5 NZ Defence Force KiwiSaver Balanced -- 10.00 -- -- 24.16 -OneAnswer KiwiSaver-Balanced 1.7133 7.32 7.90 9.66 448.51 4 Westpac KiwiSaver-Balanced Fund 1.6303 8.68 7.89 9.24 1087.96 4 Westpac Retirement Plan - Balanced Port 3.4094 7.59 6.75 8.06 100.29 3

New Zealand Insurance Fund Multisector - Conservative

AMP KiwiSaver ANZ Conservative 1.0005 -- -- -- 2.27 -AMP KiwiSaver Default (Default) 1.5661 5.85 5.14 5.37 1305.89 2 AMP PSS Select Income 1.72461 0.97 3.76 3.25 2.01 2 ANZ Default KiwiSaver Scheme Cnsrv(Dflt) 1.6313 4.23 6.13 6.36 1016.16 4 ANZ KiwiSaver-Conservative 1.5958 3.59 5.76 6.23 623.14 4 Aon KiwiSaver Russell Lifepoints Cnsrv 9.1194 6.60 6.90 7.64 75.35 5 ASB KiwiSaver Scheme's Cnsrv (Default) 1.6514 6.11 6.04 5.98 3413.60 3 BNZ KiwiSaver Conservative (Default) 1.2274 6.81 5.89 -- 369.38 3 BNZ KiwiSaver First Home Buyer Fund 1.0623 5.42 -- -- 38.93 -Booster KiwiSaver Default Saver 1.1607 5.23 -- -- 31.10 -FANZ Lifestages KiwiSaver Income 1.04132 2.78 -- -- 47.30 -Fisher FreedomPlan - Capital Prot 1.20502 -- -- -- 1.35 -Fisher Funds Conservative KiwiSaver Fund 1.4961 5.56 5.70 6.51 504.01 4 Fisher FuturePlan - Capital Prot 1.20643 1.50 1.50 1.57 22.65 1 Fisher TWO KiwiSaver Cash Enhanced(Dflt) 1.63297 5.42 6.02 6.09 690.65 3 Kiwi Wealth KiwiSaver Conservative -- 3.64 5.05 5.82 493.55 3 Kiwi Wealth KiwiSaver Scheme Default Fd -- 5.86 -- -- 97.69 -Mercer KiwiSaver Conservative (Default) -- 5.78 6.21 6.74 1036.68 5 Milford KiwiSaver Conservative Fund 1.55627 7.85 9.59 -- 33.57 -NZ Defence Force KiwiSaver Conservative -- 5.11 -- -- 1.27 -OneAnswer KiwiSaver-Conservative 1.6117 3.65 5.78 6.28 397.43 4 Westpac KiwiSaver Default 1.146 4.74 -- -- 94.96 --

New Zealand Insurance Fund Multisector - Growth

AMP KiwiSaver ANZ Balanced Plus 1.8735 9.02 8.41 10.45 202.79 3 AMP KiwiSaver ANZ Growth 1.0376 -- -- -- 1.85 --

Name Latest Transaction Exit Price 1 Yr Return % 3 Yr Return 5 Yr Return Size $M Morningstar Rating Overall

AMP KiwiSaver ASB Growth 1.0521 -- -- -- 1.42 -AMP KiwiSaver LS Growth Fund 1.4731 14.96 6.98 8.90 588.23 2 AMP KiwiSaver Nikko AM Balanced 1.6613 8.62 8.74 9.78 39.69 3 AMP KiwiSaver Nikko AM Growth 1.0233 -- -- -- 1.25 -AMP NZRT AMP Growth 2.07404 13.89 5.99 7.85 190.49 2 AMP NZRT ANZ Balanced Plus 2.35976 7.90 7.31 9.44 264.00 3 AMP NZRT ANZ Growth 1.03583 -- -- -- 3.22 -AMP NZRT ASB Growth 1.04427 -- -- -- 0.68 -AMP NZRT Nikko AM Growth 1.01441 -- -- -- 2.96 -AMP PSS Lifesteps Growth 1.77209 14.19 6.48 8.36 0.40 2 ANZ Default KiwiSaver SchemeBalanced Gr 1.6178 9.11 8.83 10.51 94.32 3 ANZ Default KiwiSaver Scheme-Growth 1.6064 10.87 9.67 11.89 77.78 5 ANZ KiwiSaver-Balanced Growth 1.7181 9.16 8.76 11.18 1329.82 4 ANZ KiwiSaver-Growth 1.725 11.01 9.59 12.68 2104.10 5 Aon KiwiSaver Nikko AM Balanced 16.8596 8.56 8.96 9.94 7.10 3 Aon KiwiSaver Russell Lifepoints 2035 8.3156 11.80 9.16 10.93 15.01 3 Aon KiwiSaver Russell Lifepoints Growth 8.4525 13.83 9.91 11.81 29.77 4 ASB KiwiSaver Scheme's Growth 1.6509 15.80 10.40 11.80 1028.40 4 BNZ KiwiSaver Growth Fund 1.4159 15.38 8.65 -- 161.89 3 Booster KiwiSaver Balanced Growth 1.5916 12.51 8.42 8.94 188.88 2 Fidelity Life Growth 4.0573 10.91 7.26 8.18 3.04 2 Fidelity Life Super-Super Growth -- 11.38 7.41 8.28 89.77 2 Fisher TWO KiwiSaver Scheme-Gr 1.61543 12.07 8.53 10.39 236.37 3 Generate KiwiSaver Growth Fund 1.37 9.27 9.98 -- 139.35 5 Mercer KiwiSaver Growth -- 13.42 -- -- 40.60 -NZ Defence Force KiwiSaver Growth -- 13.10 -- -- 6.35 -OneAnswer KiwiSaver-Balanced Growth 1.7413 9.24 8.82 11.26 392.93 4 OneAnswer KiwiSaver-Growth Fund 1.7463 11.07 9.69 12.77 295.34 5 SIL 60s + Sup Balanced Fund 3.9566 8.83 8.22 10.37 93.66 4 Westpac KiwiSaver-Growth Fund 1.6626 10.48 9.05 10.86 781.06 3 Westpac Retirement Plan - Dynamic Port 3.8282 9.45 7.96 9.74 106.07 3

New Zealand Insurance Fund Multisector - Moderate

AMP KiwiSaver AMP Income Generator 1.0167 -- -- -- 1.19 -AMP KiwiSaver ASB Moderate 1.0158 -- -- -- 0.34 -AMP KiwiSaver LS Conservative Fund 1.6601 5.64 4.68 5.20 303.00 3 AMP KiwiSaver LS Moderate Fund 1.5932 7.99 5.28 6.15 371.13 3 AMP KiwiSaver Nikko AM Conservative 1.0012 -- -- -- 1.06 -AMP NZRT AMP Capital Assured Fund 2.39947 4.17 4.28 3.14 100.16 1 AMP NZRT AMP Conservative 2.64646 4.59 3.68 4.17 294.18 2 AMP NZRT AMP Income Generator 1.01615 -- -- -- 0.30 -AMP NZRT AMP Moderate 2.03022 6.91 4.27 5.10 113.99 2 AMP NZRT ASB Moderate 1.02072 -- -- -- 0.72 -AMP NZRT Nikko AM Conservative 0.99744 -- -- -- 1.40 -AMP PSS DynamicMkts Conservative 1.74786 4.73 3.88 4.41 0.93 3 AMP PSS Lifesteps Maturity 1.6666 4.59 3.93 4.42 3.27 3 AMP PSS Lifesteps Stability 1.74918 6.76 4.52 5.38 5.69 3 AMP PSS Select Conservative 1.73798 4.73 3.94 4.44 9.82 3 ANZ Default KiwiSaver Scheme-Cnsrv Bal 1.6231 5.30 6.82 7.59 29.93 4 ANZ KiwiSaver-Conservative Balanced 1.651 5.37 6.79 7.94 754.83 4 Aon KiwiSaver Russell Lifepoints 2015 8.7137 6.60 6.99 7.98 4.87 5 Aon KiwiSaver Russell Lifepoints Mod 8.9555 9.16 8.04 9.15 18.02 5 ASB KiwiSaver Scheme's Moderate 1.6831 8.78 7.51 7.88 1203.91 4 BNZ KiwiSaver Moderate Fund 1.2896 9.78 7.05 -- 257.03 4 Booster KiwiSaver Asset Class Cnsrv 3.4705 7.52 -- -- 13.57 -Booster KiwiSaver Moderate 1.6057 6.15 5.91 5.70 125.15 3 Fisher TWO KiwiSaver Scheme-Cnsrv 1.69463 5.94 6.12 6.47 123.04 3 Generate KiwiSaver Conservative Fund 1.2296 4.95 7.36 -- 79.68 5 Mercer KiwiSaver Moderate -- 7.19 -- -- 52.99 -NZ Defence Force KiwiSaver Moderate -- 6.96 -- -- 1.50 -OneAnswer KiwiSaver-Conservative Bal 1.666 5.34 6.77 7.95 150.04 5 Westpac KiwiSaver - Moderate 1.1715 6.25 -- -- 174.46 -Westpac KiwiSaver-Conservative Fund 1.578 4.90 5.78 6.30 2080.94 3

New Zealand Insurance Fund NZ Bonds

AMP KiwiSaver NZ Fixed Interest 0.9848 -- -- -- 0.27 -AMP Prem PSS ACI NZ Fixed Interest 2.00214 1.58 5.35 4.45 11.66 4 AMP Prem PSS OnePath NZ Fixed Interest 1.82709 0.96 4.82 4.03 2.24 3 Fidelity Life NZ Fixed Interest 3.9259 1.48 3.43 3.37 0.21 1 Fidelity Life Super-Super Fixed Int -- 1.49 3.44 3.43 1.24 2 OneAnswer KiwiSaver-NZ Fixed Interest 1.6159 1.50 5.29 4.41 7.21 3 SIL 60s + Sup NZ Fixed Interest 2.8445 1.02 4.65 3.82 7.65 2 Westpac Retirement Plan - Accum Port 3.2208 1.22 2.72 2.55 18.32 1

New Zealand OE Cash

AMP AIT NZ Cash - UT35 1.09835 1.96 2.87 1.90 11.54 -AMP ARS-Cash 1.93401 2.22 2.99 3.05 12.83 -AMP Capital Cash Advantage Fund 1.41343 1.71 2.69 2.98 123.10 -AMP Capital NZ Cash Fund 1.64265 2.38 3.13 3.16 4443.89 -AMP Capital Term Advantage -- -- -- -- -- -AMP Prem PUT OnePath NZ Cash 1.37956 1.81 2.68 2.71 3.10 -AMP PUT Select Cash 1.32168 1.60 2.47 2.47 3.30 -ASB Cash Fund -- -- -- -- 298.74 --

Name Latest Transaction Exit Price 1 Yr Return % 3 Yr Return 5 Yr Return Size $M Morningstar Rating Overall

BT Enhanced Cash Fund 2.0658 2.38 3.03 3.01 134.66 -Fisher Cashplus Fund 1.2929 2.11 2.64 2.52 35.99 -Nikko AM NZ Cash 1.025 2.86 -- -- 204.93 -NZ Funds Core Cash 1.32391 2.04 2.83 2.71 60.22 --

New Zealand OE Equity Region Australasia

AMP AIT Australasian Shrs-Multi Mgr-UT07 AMP ARS-NZ & Australian (multimanager) 2.77254 3.21807 17.65 18.64 8.44 9.06 10.53 11.15 20.83 7.61 2 2 AMP ARS-NZ & Australian (Value) 3.58931 11.70 12.67 16.20 5.46 3 AMP NZRT Australasian Shares 1.26603 19.22 8.05 -- 8.60 1 AMP Prem PUT OnePath NZ Shares 2.20692 14.10 9.02 14.07 2.04 3 BT PS Australasian Diversified Share 1.9787 14.32 12.59 17.04 183.79 5 Castle Point Ranger Fund 1.3133 19.64 8.96 -- 16.89 2 Devon Alpha Fund 1.5727 7.11 6.85 14.13 100.07 2 Devon Dividend Yield 1.8655 -- -- -- 75.10 -Devon Trans-Tasman Fund 3.6836 16.35 11.58 14.61 126.63 3 Forte Equity Trust 1.30029 28.15 -- -- 14.43 -Harbour Australasian Equity 2.1482 15.07 11.11 16.42 152.82 4 Harbour Australasian Equity Focus Fund 1.3277 11.16 -- -- 9.32 -Harbour Australasian Equity Income 1.6817 10.65 12.29 15.13 48.95 3 Milford Active Growth 2.96146 11.13 10.21 15.50 723.37 3 Milford Trans-Tasman 2.19099 18.10 10.00 14.59 262.95 3 Mint Australia NZ Active Equity 2.3849 14.99 13.71 18.24 66.79 5 Nikko AM Australasian Small Companies 1.7398 2.39 6.88 9.22 1.12 1 Nikko AM Concentrated Equity 1.8795 14.31 15.21 16.37 29.85 4 OneAnswer SAC Equity Selection 2.2139 14.52 8.75 13.52 16.78 2 Pie Australasian Dividend 2.2216 15.48 12.97 18.56 73.63 5 Pie Australasian Emerging Companies 2.8798 9.69 19.97 -- 85.50 5 Pie Australasian Growth Fund 4.5017 1.49 11.82 16.75 75.43 3 Pie Growth 2 Fund 1.302 16.49 -- -- 125.89 --

New Zealand OE Equity Region Australia

AMP Capital Australian Share Fund 2.46708 14.09 5.10 5.47 168.17 2 Devon Australian 1.4188 17.49 10.30 11.05 31.52 5 Fisher Funds Australian Growth Fund 3.1528 5.91 6.48 6.92 58.85 3 Fisher Funds Premium Australian Fund 1.3849 5.89 6.65 7.25 60.80 4 Milford Dynamic 1.44168 11.43 9.95 -- 162.67 4 OneAnswer SAC Australian Share 3.8512 8.20 2.11 5.06 30.59 1

New Zealand OE Equity Region Emerging Markets

AMP AIT Emerging Markets - UT65 1.27074 16.13 3.14 -0.86 3.68 --

New Zealand OE Equity Region NZ

AMP Capital NZ Shares Fund 2.64566 14.66 14.46 17.17 459.39 4 AMP Capital RIL NZ Shares 1.78215 17.04 15.20 -- 11.06 4 AMP Prem PUT ACI NZ Shares 2.4437 13.88 14.00 16.72 1.89 4 AMP Prem PUT ACI NZ Shares Index 1.84657 13.93 12.77 16.72 4.29 3 BT Dividend Share Fund 2.172 18.82 17.78 19.21 19.32 5 Fisher Funds NZ Growth Fund 7.1419 17.77 12.64 16.87 140.71 2 Fisher Funds Premium New Zealand Fund 1.6769 17.15 12.86 17.01 78.66 3 Fisher Trans Tasman Equity Trust 4.6186 13.37 11.53 15.03 45.65 2 Forsyth Barr New Zealand Equities 2.3584 16.88 15.36 17.26 14.87 4 Harbour NZ Equity Advanced Beta Fund 1.2939 14.26 -- -- 91.90 -Nikko AM Core Equity 1.8641 16.95 15.06 17.94 39.04 5 NZ Funds Dividend and Growth 1.6925 17.39 13.94 12.82 76.32 2 OneAnswer SAC NZ Share 4.0714 15.77 12.08 16.77 112.30 3 Russell Investments NZ Shares 1.532 15.62 13.15 -- 184.87 3 Smartshares NZ Core Equity Trust 1.2614 16.68 -- -- 35.13 --

New Zealand OE Equity Region World

AMP AIT Global Equities-Multi Mgr-UT28 1.13628 21.13 8.79 10.58 24.25 3 AMP AIT Global Infrastructure - UT04 2.45456 12.79 9.10 12.41 17.07 3 AMP ARS-International Shares (Growth) 1.31836 13.87 12.69 16.17 6.83 5 AMP ARS-International Shares (Passive) 1.54482 21.99 8.89 12.70 3.59 4 AMP ARS-International Shares (Value) 1.27619 25.11 10.77 13.61 5.37 4 AMP Capital Core Global Shares Fund 1.33366 11.54 11.13 13.32 848.54 4 AMP Capital Core Hedged Global Shares Fd 1.40341 27.47 10.13 14.12 527.65 4 AMP Capital Emerging Markets Share 1.00156 17.98 5.92 3.81 68.33 1 AMP Capital Global Listed Infrastructure 1.67009 14.06 8.18 -- 291.37 2 AMP Capital Global Shares Fund 2.56141 19.58 9.87 12.81 136.59 4 AMP Capital Resp Invest Leaders Gl Sh 1.48173 16.36 6.96 10.53 56.70 2 AMP NZRT International Shares 1.33418 19.88 9.67 -- 8.08 4 AMP NZRT Passive International Shares 1.33236 19.62 9.10 -- 4.30 3 AMP Prem PUT FD Intl Share Fund 1 Value 1.28352 12.79 8.68 10.81 2.46 2 AMP Prem PUT FD Intl Share Fund 3 Growth 1.38641 11.71 10.10 12.20 2.14 3 AMP Prem PUT SSgA Global Shares Index 1.70991 10.49 9.67 12.15 4.63 3 AMP Prem PUT SSgA Global Shares IndexHdg 2.19932 21.07 9.65 14.07 7.52 5 ASB World Shares 1.4786 20.67 11.33 12.99 149.22 4 BT PS International Diversified Share 1.6163 14.32 8.99 11.01 290.43 3 Elevation Capital Value Fund 1.5549 10.35 7.41 9.43 23.42 2 Fisher Funds International Growth Fund 1.6243 10.24 4.82 8.28 30.02 1 Fisher Funds Premium International Fund 1.6894 10.39 5.44 8.66 66.25 2 Fisher Global Fund 4.8831 15.36 6.22 10.00 90.69 2 Milford Global Fund 1.32584 8.73 6.06 -- 270.52 2

Name Latest Transaction Exit Price 1 Yr Return % 3 Yr Return 5 Yr Return Size $M Morningstar Rating Overall

Nikko AM Global Equity Hedged 1.6008 20.92 9.86 -- 224.46 3 Nikko AM Global Equity Unhedged 1.6441 7.95 9.89 -- 128.45 3 NZ Funds Equity Inflation 0.8768 2.38 5.83 5.57 81.68 1 OneAnswer SAC International Share 1.8855 8.41 11.67 14.90 169.31 5 Pathfinder Global Water 1.7301 11.89 6.83 11.56 11.05 3 Pathfinder World Equity Fund 1.6044 13.29 10.40 -- 32.09 4 Pie Global Small Companies Fund 1.3187 13.54 7.42 -- 66.64 2 Russell Investments Global Shares 1.7235 11.36 10.00 -- 57.39 4 Russell Investments Hedged Global Shares 1.876 23.92 9.60 -- 57.19 3 T.Rowe Price Global Equity Growth 1.2196 8.77 -- -- 14.69 --

New Zealand OE Equity Sector Global - Real Estate

AMP AIT Global Property - UT54 3.06599 6.23 10.45 11.56 3.15 5 AMP ARS-Listed International Property 3.78351 8.12 9.50 11.72 5.71 2 AMP Capital Global Propty Securities Fd 1.51001 7.65 9.44 12.19 198.12 3 NZ Funds Property Inflation 1.5093 5.80 6.34 7.32 81.44 1 OneAnswer SAC International Property 1.3259 9.85 9.80 -- 5.22 3

New Zealand OE Equity Sector NZ - Real Estate

AMP ARS-Listed NZ & Australian Property 3.1746 5.30 12.26 12.37 4.64 1 AMP Capital Listed Property Secs Fd 2.29522 5.57 13.49 14.03 21.71 3 AMP Capital NZ Property Fund 2.1557 6.55 9.90 9.61 116.86 -BT Property Fund 3.9388 8.13 15.03 14.28 75.83 4 Mint Australia NZ Real Estate Investment 1.7069 4.88 12.57 12.88 50.97 2 OneAnswer SAC Property Securities 3.0227 6.94 13.38 14.42 126.40 3

New Zealand OE Global Bond

AMP AIT Fixed Interest Income - UT36 1.18983 2.34 3.43 3.30 110.21 1 AMP AIT Global Bonds-Multi Mgr-UT13 1.95354 1.04 3.96 3.89 12.78 2 AMP ARS-International Fixed Interest 2.43094 1.74 4.64 4.58 1.87 2 AMP Capital Global Short Duration 1.08381 3.07 3.50 -- 194.90 1 AMP Capital Hdgd Gbl Fixed Intrst Fund 2.29556 3.68 5.03 4.95 86.57 3 AMP NZRT International Fixed Interest 1.13816 2.11 4.25 -- 2.17 2 AMP Prem PUT Blackrock Global Fixed Int 1.80414 2.61 5.12 5.02 1.45 3 AMP Prem PUT PIMCO Global Fixed Interest AMP Prem PUT SSgA Global Fixed Int Index 2.27106 1.788 5.53 1.02 6.00 5.38 6.34 5.04 2.59 4.95 5 3 ASB World Fixed Interest 1.1092 1.69 3.68 3.22 302.00 1 BT PS International Diversified Bond 2.1482 2.99 4.09 4.67 358.47 2 Fisher BondPlus Fund 2.1265 4.34 5.48 5.72 154.58 4 Fisher Funds High Income 1.0271 5.39 5.16 5.16 65.36 3 Nikko AM Global Bond 1.1397 4.12 5.48 -- 21.90 4 NZ Funds Global Income 1.4236 6.12 3.73 3.70 116.54 2 OneAnswer SAC International Fixed Intrst 1.1817 1.10 5.02 -- 3.25 3 Russell Investments Global Fixed Int 1.1728 4.76 6.17 6.42 522.50 5

New Zealand OE Miscellaneous

AMP ARS-UK Cash 0.66937 -17.19 -5.04 -2.22 9.70 -BT PS Alternative Investments 1.0865 2.34 0.70 1.57 9.37 -Fisher Funds Property and Infrastructure 2.0859 15.47 11.74 13.27 66.85 -KTAM NZ Australian Long Short Equity 1.27666 -- -- -- 23.70 -Nikko AM Income 1.2226 2.74 6.09 6.36 10.38 -Nikko AM Multi-Strategy 1.1087 5.97 -- -- 116.82 -NZ Funds Core Inflation 1.3158 7.73 3.61 4.43 125.34 -NZAM Alpha Fund 1.1431 -- -- -- 47.60 -NZAM Global Growth 1.4214 -- -- -- 57.07 -Pathfinder Commodity Plus Fund 0.9192 0.68 -0.52 -2.69 72.11 -Salt Long Short Fund 1.4578 11.37 -- -- 209.11 -Salt Long Short Fund 1.4209 14.27 -- -- 176.26 --

New Zealand OE Multisector - Aggressive

AMP AIT Aggressive Portfolio - UT31 1.8359 15.29 5.91 7.16 119.75 1 AMP AIT eInvest - Aggressive - MDF7 1.2792 16.63 6.97 -- 75.28 3 AMP AIT Growth Portfolio - UT03 1.76335 13.80 5.85 7.02 37.61 1 AMP Capital Growth Fund 2.44858 14.40 6.75 9.03 5.56 4 AMP PUT DynamicMkts Growth 1.81102 15.58 6.88 9.01 3.93 3 AMP PUT Select Growth 1.6042 15.72 6.83 9.02 13.97 2

New Zealand OE Multisector - Balanced

AMP AIT eInvest - Balanced - MDF5 1.2137 11.23 6.05 -- 89.02 2 AMP AIT Moderate Portfolio - UT01 1.78891 7.07 4.44 5.00 106.74 1 AMP ARS-Balanced 1.93884 11.94 6.61 7.68 154.09 3 AMP Capital Global Multi Asset Fund 1.19145 8.96 5.92 -- 157.95 2 AMP Capital Responsible Inv Leaders Bal 1.77586 9.45 6.03 8.49 43.72 3 AMP PUT DynamicMkts Balanced 1.78104 10.29 5.53 6.99 5.08 3 AMP PUT Select Balanced 1.68122 10.45 5.54 7.00 38.98 3 ANZ Invmt Fds Balanced 1.6523 6.91 7.42 9.25 188.53 4 ASB Balanced 1.515 11.54 8.38 9.30 145.53 4 Milford Balanced 1.91668 11.40 10.05 12.48 363.47 5 NZ Funds Core Growth 1.4 7.58 3.86 8.37 97.00 2 OneAnswer MAC Balanced 1.6523 6.91 7.42 9.25 32.54 4 Westpac Active Balanced Trust 2.0474 7.89 7.08 8.73 209.96 4

New Zealand OE Multisector - Conservative

AMP PUT Select Income 1.60789 0.83 3.76 3.22 2.87 1 ANZ Invmt Fds Conservative 1.452 3.38 5.49 5.99 51.76 3 ASB Conservative 1.5331 5.50 5.42 5.35 134.45 2

Name Latest Transaction Exit Price 1 Yr Return % 3 Yr Return 5 Yr Return Size $M Morningstar Rating Overall

Milford Conservative 1.06712 7.98 -- -- 116.45 -OneAnswer MAC Conservative 1.452 3.38 5.49 5.99 9.36 3

New Zealand OE Multisector - Growth

AMP AIT Balanced Portfolio - UT 02 1.84951 10.56 5.29 6.15 112.51 1 AMP AIT eInvest - Growth - MDF6 1.26116 14.45 6.56 -- 34.17 1 AMP ARS-High Growth 1.72623 15.29 7.21 8.83 53.66 2 ANZ Invmt Fds Balanced Growth 1.7716 8.82 8.40 10.94 138.34 4 ANZ Invmt Fds Growth 1.8608 10.65 9.20 12.33 65.21 5 ASB Growth 1.4694 15.15 9.75 11.12 29.39 4 Fisher Multi Sector Fund 3.0113 8.23 6.64 8.23 11.60 3 NZ Funds Global Equity Growth 1.469 9.95 8.16 11.10 59.63 2 OneAnswer MAC Balanced Growth 1.7716 8.82 8.40 10.94 23.76 4 OneAnswer MAC Growth 1.8608 10.65 9.20 12.33 17.37 5 OneAnswer SAC Balanced 2.8194 8.40 8.18 10.46 50.89 4 Westpac Active Growth Trust 1.9812 9.59 8.14 10.24 69.54 3

New Zealand OE Multisector - Moderate

AMP AIT eInvest - Conservative - MDF2 1.15311 5.40 4.29 -- 31.19 2 AMP AIT eInvest - Moderate - MDf3 1.18729 7.77 4.95 -- 97.40 3 AMP ARS-Conservative 2.14782 6.01 5.02 5.47 54.98 3 AMP Capital Conservative Fund NZ 2.3103 4.48 4.46 4.95 8.15 4 AMP Capital Income Generator Fund 1.09559 10.93 -- -- 101.06 -AMP PUT DynamicMkts Conservative 1.694 4.45 3.83 4.30 2.23 2 AMP PUT Select Conservative 1.7048 4.31 3.77 4.32 16.59 2 ANZ Invmt Fds Conservative Balanced 1.5507 5.00 6.43 7.57 163.68 4 ASB Conservative Plus 1.5201 6.71 6.21 6.28 626.27 3 ASB Moderate 1.5294 8.20 6.93 7.29 261.66 4 Harbour Income 0.9912 4.83 -- -- 2.51 -Milford Diversified Income 1.59212 13.03 12.35 13.64 1562.14 5 Mint Diversified Income Fund (Retail) 1.0388 4.07 -- -- 38.82 -NZ Funds Global Multi-Asset Growth 0.6598 21.57 -7.16 -5.15 35.27 1 OneAnswer MAC Conservative Balanced 1.5507 5.00 6.43 7.57 9.49 4 Westpac Active Conservative Trust 1.7874 4.00 4.87 5.47 214.40 3 Westpac Active Moderate Trust 1.3959 5.73 5.99 6.97 370.12 3

New Zealand OE NZ Bonds

AMP AIT NZ Bond - UT36 1.17439 2.17 5.06 2.99 32.11 2 AMP AIT NZ Fixed Interest - UT60 1.69647 1.22 4.93 4.08 7.35 3 AMP ARS-NZ Fixed Interest 2.42457 1.82 5.47 4.63 6.99 3 AMP Capital NZ Fixed Interest Fund 1.65949 1.90 5.56 4.68 1859.18 4 AMP Capital NZ Short Duration 1.26315 2.97 4.53 4.30 356.08 3 AMP NZRT NZ Fixed Interest 1.18653 1.91 5.60 -- 8.04 5 AMP Prem PUT ACI NZ Fixed Interest 1.9891 1.53 5.32 4.46 8.90 4 AMP Prem PUT OnePath NZ Fixed Interest 1.70345 0.76 4.72 3.93 1.89 3 BT Corporate Bond Fund 1.6118 2.73 4.67 4.88 68.61 3 BT PS NZ Diversified Bond 1.2985 1.97 5.08 4.66 230.57 4 Fisher New Zealand Fixed Inc Trust 1.2325 0.78 4.53 3.87 56.10 2 Forsyth Barr NZ Fixed Interest 1.6272 2.37 5.26 4.35 14.21 3 Forsyth Barr Premium Yield 1.6601 2.84 5.46 4.88 59.19 5 Harbour NZ Core Fixed Interest 1.0921 2.78 5.12 4.69 147.79 4 Harbour NZ Corporate Bond 1.0562 2.64 4.87 4.88 296.03 4 Nikko AM NZ Bond 1.0057 1.75 5.22 5.04 62.48 5 Nikko AM NZ Corporate Bond 1.142 2.79 5.66 5.70 344.77 5 NZ Funds Core Income 1.52615 5.72 4.28 4.86 126.90 3 OneAnswer SAC NZ Fixed Interest 1.6194 1.42 5.12 4.09 12.13 3 Russell Investments NZ Fixed Interest 1.1602 2.23 5.16 -- 152.20 3 Westpac Active Income Strategies Trust 1.1721 2.33 3.09 3.16 14.90 1

Returns are calculated to 28/02/17 Returns are calculated before tax and after fees, except for the non-PIE categories, which are after tax and after fees. For more information about this table and the methodology behind the data, contact helpdesk.nz@morningstar.com or go to www.morningstar.com.au

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