Performance

Core Cash Portfolio

• Returns are stated after Portfolio fees and expenses, but before any advisory fees or investor tax. Past performance is not necessarily an indication of future returns.

• Cumulative returns.

Maximum Decline and Volatility

• Returns should be looked at in conjunction with the level of risk associated with an investment. 'Maximum decline' is a measure of risk. It represents the largest decline in value in the previous 12 months or since inception of the Portfolio if it has not existed for 12 months.

• This is the annualised standard deviation calculated from weekly returns of the Portfolio over the 5 years ending 30 June 2021. For more details on the Portfolio’s Maximum Decline and Volatility please contact NZ Funds.

Note: Rounding may affect some numbers.

1. The yield is not the actual return of the Portfolio, nor is it a projection or forecast. Details of the yield calculation are available on request from NZ Funds.
2. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details on economic exposure, see the Other Material Information document on the Offer Register at www.companiesoffice.govt.nz/disclose.
Note: Rounding may affect any subtotals and totals.

Despite the recent Delta setback, we continue to see New Zealand as a bellwether for how the global economy emerges from this pandemic.

The local experience from 2020 is that the lockdowns do not destroy demand, they simply delay it. This suggests that once the Auckland outbreak is brought under control, the strong economy will return and that the Reserve Bank will continue to look to reduce the level of stimulus that they are providing to the New Zealand economy by raising the Official Cash Rate.

This process is also mirrored around many of our major trading partners as they are discussing the need for further stimulus. In these countries a key part of the stimulus has been buying bonds to lower longer term interest rates. You get a sense of the scale of this if you look at the central bank assets as a percentage of GDP.

In the United States the Federal Reserve’s assets are equal to 36% of GDP (up from 19% in December 2019). In Europe, central banks’ assets are 70% of GDP (up from 39% in December 2019). This buying will be the first part of the stimulus that is removed so it is an area we are watching closely.

Core Income Portfolio

• Returns are stated after Portfolio fees and expenses, but before any advisory fees or investor tax. Past performance is not necessarily an indication of future returns.

• Cumulative returns.

Maximum Decline and Volatility

• Returns should be looked at in conjunction with the level of risk associated with an investment. 'Maximum decline' is a measure of risk. It represents the largest decline in value in the previous 12 months or since inception of the Portfolio if it has not existed for 12 months.

• This is the annualised standard deviation calculated from weekly returns of the Portfolio over the 5 years ending 30 June 2021. For more details on the Portfolio’s Maximum Decline and Volatility please contact NZ Funds.

Note: Rounding may affect some numbers.

1. The yield is not the actual return of the Portfolio, nor is it a projection or forecast. Details of the yield calculation are available on request from NZ Funds.
2. Credit default swaps notional value is currently $191,450,469.
3. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details on economic exposure, see the Other Material Information document on the Offer Register at www.companiesoffice.govt.nz/disclose.
Note: Rounding may affect any subtotals and totals.

Despite the recent Delta setback, we continue to see New Zealand as a bellwether for how the global economy emerges from this pandemic.

The local experience from 2020 is that the lockdowns do not destroy demand, they simply delay it. This suggests that once the Auckland outbreak is brought under control, the strong economy will return and that the Reserve Bank will continue to look to reduce the level of stimulus that they are providing to the New Zealand economy by raising the Official Cash Rate.

This process is also mirrored around many of our major trading partners as they are discussing the need for further stimulus. In these countries a key part of the stimulus has been buying bonds to lower longer term interest rates. You get a sense of the scale of this if you look at the central bank assets as a percentage of GDP.

In the United States the Federal Reserve’s assets are equal to 36% of GDP (up from 19% in December 2019). In Europe, central banks’ assets are 70% of GDP (up from 39% in December 2019). This buying will be the first part of the stimulus that is removed so it is an area we are watching closely.

Global Income Portfolio

• Returns are stated after Portfolio fees and expenses, but before any advisory fees or investor tax. Past performance is not necessarily an indication of future returns.

• Cumulative returns.

Maximum Decline and Volatility

• Returns should be looked at in conjunction with the level of risk associated with an investment. 'Maximum decline' is a measure of risk. It represents the largest decline in value in the previous 12 months or since inception of the Portfolio if it has not existed for 12 months.

• This is the annualised standard deviation calculated from weekly returns of the Portfolio over the 5 years ending 30 June 2021. For more details on the Portfolio’s Maximum Decline and Volatility please contact NZ Funds.

Note: Rounding may affect some numbers.

1. The yield is not the actual return of the Portfolio, nor is it a projection or forecast. Details of the yield calculation are available on request from NZ Funds.
2. Credit default swaps notional value is currently $200,991,264.
3. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details on economic exposure, see the Other Material Information document on the Offer Register at www.companiesoffice.govt.nz/disclose.
Note: Rounding may affect any subtotals and totals.

Inflation Category returns were positive in August due to a combination of strong equity markets and outperformance from our specific share selections.

The strongest performance came from New Zealand and Australian shares which returned over 7.4% in August, compared to the NZX50 which returned 5.3% and the ASX200 at 2.5%. Many Australasian companies report financial results in August. The shares in our Portfolios reported strong results, a key driver of their performance.

Retirement village operator Summerset reported record earnings, the share price gaining 19% after its August announcement. Chorus’ share price was up 14%, driven by a positive announcement about the value of its fibre network. Telstra, Australia’s largest telecommunications business, reported results that led to its share price rising 5%.

The Absolute Return Strategy showed positive returns from a mix of Australasian equities, United States mega-cap technology companies and crypto-currency exposure.

Looking ahead, our share market outlook is positive. Favourable tailwinds, unchanged since April 2020, continue to drive share markets higher. These include strong economic growth, continued fiscal and monetary stimulus, record high investor inflows and the relative attractiveness of share market returns versus bonds and cash.

However, we are cautious and somewhat defensive in the sectors in which we have invested. Share market valuations continue to increase to levels at the upper end of historical ranges. The United States’ S&P 500 Index has gone over 200 consecutive days without a selloff of more than 5%. Historically, it is rare for the S&P500 to exceed 250 days without a selloff of more than 5%.

As the United States nears the point at which it begins to unwind monetary support, the risk of market volatility increases. We have taken a more defensive approach with reduced share market exposure and a reweighting from higher risk companies to more defensive companies including large, profitable technology companies and infrastructure and utility companies

The COVID-19 Delta variant is delaying central bank interest rate decisions in the United States and Europe, and interest rate markets continue to be relatively range-bound. However, pressure is growing that interest rates will need to move higher over the latter part of 2021 as supply shortages emerge across many markets.

Core Inflation Portfolio

• Returns are stated after Portfolio fees and expenses, but before any advisory fees or investor tax. Past performance is not necessarily an indication of future returns.

• Cumulative returns.

Maximum Decline and Volatility

• Returns should be looked at in conjunction with the level of risk associated with an investment. 'Maximum decline' is a measure of risk. It represents the largest decline in value in the previous 12 months or since inception of the Portfolio if it has not existed for 12 months.

• This is the annualised standard deviation calculated from weekly returns of the Portfolio over the 5 years ending 30 June 2021. For more details on the Portfolio’s Maximum Decline and Volatility please contact NZ Funds.

Note: Rounding may affect some numbers.

1. Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash.
2. The yield calculation represents an estimate of the yield on the Portfolio, calculated using the most recent information provided by the external investment managers involved in managing the Portfolio, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Portfolio summary. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds.
3. As at the date of the security listings, the majority of the assets of the Absolute Return Strategy were held in this asset class. The Absolute Return Strategy may also hold assets in other asset classes.
4. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details on economic exposure, see the Other Material Information document on the Offer Register at www.companiesoffice.govt.nz/disclose.
Note: Rounding may affect any subtotals and totals.

Inflation Category returns were positive in August due to a combination of strong equity markets and outperformance from our specific share selections.

The strongest performance came from New Zealand and Australian shares which returned over 7.4% in August, compared to the NZX50 which returned 5.3% and the ASX200 at 2.5%. Many Australasian companies report financial results in August. The shares in our Portfolios reported strong results, a key driver of their performance.

Retirement village operator Summerset reported record earnings, the share price gaining 19% after its August announcement. Chorus’ share price was up 14%, driven by a positive announcement about the value of its fibre network. Telstra, Australia’s largest telecommunications business, reported results that led to its share price rising 5%.

The Absolute Return Strategy showed positive returns from a mix of Australasian equities, United States mega-cap technology companies and crypto-currency exposure.

Looking ahead, our share market outlook is positive. Favourable tailwinds, unchanged since April 2020, continue to drive share markets higher. These include strong economic growth, continued fiscal and monetary stimulus, record high investor inflows and the relative attractiveness of share market returns versus bonds and cash.

However, we are cautious and somewhat defensive in the sectors in which we have invested. Share market valuations continue to increase to levels at the upper end of historical ranges. The United States’ S&P 500 Index has gone over 200 consecutive days without a selloff of more than 5%. Historically, it is rare for the S&P500 to exceed 250 days without a selloff of more than 5%.

As the United States nears the point at which it begins to unwind monetary support, the risk of market volatility increases. We have taken a more defensive approach with reduced share market exposure and a reweighting from higher risk companies to more defensive companies including large, profitable technology companies and infrastructure and utility companies

The COVID-19 Delta variant is delaying central bank interest rate decisions in the United States and Europe, and interest rate markets continue to be relatively range-bound. However, pressure is growing that interest rates will need to move higher over the latter part of 2021 as supply shortages emerge across many markets.

Property Inflation Portfolio

• Returns are stated after Portfolio fees and expenses, but before any advisory fees or investor tax. Past performance is not necessarily an indication of future returns.li>

• Cumulative returns.

Maximum Decline and Volatility

• Returns should be looked at in conjunction with the level of risk associated with an investment. 'Maximum decline' is a measure of risk. It represents the largest decline in value in the previous 12 months or since inception of the Portfolio if it has not existed for 12 months.

• This is the annualised standard deviation calculated from weekly returns of the Portfolio over the 5 years ending 30 June 2021. For more details on the Portfolio’s Maximum Decline and Volatility please contact NZ Funds.

Note: Rounding may affect some numbers.

1. Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash.
2. The yield calculation represents an estimate of the yield on the Portfolio, calculated using the most recent information provided by the external investment managers involved in managing the Portfolio, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Portfolio summary. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds.
3. As at the date of the security listings, the majority of the assets of the Absolute Return Strategy were held in this asset class. The Absolute Return Strategy may also hold assets in other asset classes.
4. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details on economic exposure, see the Other Material Information document on the Offer Register at www.companiesoffice.govt.nz/disclose.
Note: Rounding may affect any subtotals and totals.

Inflation Category returns were positive in August due to a combination of strong equity markets and outperformance from our specific share selections.

The strongest performance came from New Zealand and Australian shares which returned over 7.4% in August, compared to the NZX50 which returned 5.3% and the ASX200 at 2.5%. Many Australasian companies report financial results in August. The shares in our Portfolios reported strong results, a key driver of their performance.

Retirement village operator Summerset reported record earnings, the share price gaining 19% after its August announcement. Chorus’ share price was up 14%, driven by a positive announcement about the value of its fibre network. Telstra, Australia’s largest telecommunications business, reported results that led to its share price rising 5%.

The Absolute Return Strategy showed positive returns from a mix of Australasian equities, United States mega-cap technology companies and crypto-currency exposure.

Looking ahead, our share market outlook is positive. Favourable tailwinds, unchanged since April 2020, continue to drive share markets higher. These include strong economic growth, continued fiscal and monetary stimulus, record high investor inflows and the relative attractiveness of share market returns versus bonds and cash.

However, we are cautious and somewhat defensive in the sectors in which we have invested. Share market valuations continue to increase to levels at the upper end of historical ranges. The United States’ S&P 500 Index has gone over 200 consecutive days without a selloff of more than 5%. Historically, it is rare for the S&P500 to exceed 250 days without a selloff of more than 5%.

As the United States nears the point at which it begins to unwind monetary support, the risk of market volatility increases. We have taken a more defensive approach with reduced share market exposure and a reweighting from higher risk companies to more defensive companies including large, profitable technology companies and infrastructure and utility companies

The COVID-19 Delta variant is delaying central bank interest rate decisions in the United States and Europe, and interest rate markets continue to be relatively range-bound. However, pressure is growing that interest rates will need to move higher over the latter part of 2021 as supply shortages emerge across many markets.

Equity Inflation Portfolio

• Returns are stated after Portfolio fees and expenses, but before any advisory fees or investor tax. Past performance is not necessarily an indication of future returns.

• Cumulative returns.

Maximum Decline and Volatility

• Returns should be looked at in conjunction with the level of risk associated with an investment. 'Maximum decline' is a measure of risk. It represents the largest decline in value in the previous 12 months or since inception of the Portfolio if it has not existed for 12 months.

• This is the annualised standard deviation calculated from weekly returns of the Portfolio over the 5 years ending 30 June 2021. For more details on the Portfolio’s Maximum Decline and Volatility please contact NZ Funds.

Note: Rounding may affect some numbers.

1. Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash.
2. The yield calculation represents an estimate of the yield on the Portfolio, calculated using the most recent information provided by the external investment managers involved in managing the Portfolio, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Portfolio summary. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds.
3. New Zealand inflation swaps notional value is currently $19,653,858.
4. Swaptions notional value is currently $62,457,259.
5. As at the date of the security listings, the majority of the assets of the Strategy were held in this asset class. This Strategy may also hold assets in other asset classes.
6. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details on economic exposure, see the Other Material Information document on the Offer Register at www.companiesoffice.govt.nz/disclose.
Note: Rounding may affect any subtotals and totals.

Growth Category returns were positive in August due to a combination of strong equity markets and outperformance from our specific share selections.

The strongest performance came from New Zealand and Australia shares which returned over 7.4% in August, compared to the NZX50 which returned 5.3% and the ASX200 at 2.5%. August is a month where many Australasian companies report financial results. The shares in our Portfolios reported very strong results which was a key driver of their performance.

Retirement village operator Summerset reported record earnings, and the share price gained 19% following its August announcement. Chorus’ share price was up 14%, driven by a positive announcement regarding the value of its fibre network. Telstra, Australia’s largest telecommunications business, reported results that saw its share price up 5%.

The international component of our portfolios also performed well, led by a strong bounce-back in the mega-cap technology companies including Amazon, Apple, Facebook and Google. These companies reported their second quarter results at the end of July and, despite initial share price weakness, these companies performed strongly throughout August with share price increases ranging between 4 to 8% for the month.

Looking forward, our share market outlook is positive. Favourable tailwinds, which haven’t changed since April 2020, continue to drive share markets higher. These include strong economic growth, continued fiscal and monetary stimulus, record high investor inflows and the relative attractiveness of share market returns versus bonds and cash.

However, we remain cautious and somewhat defensive in the sectors in which we are invested. Share market valuations continue to increase to levels that are at the upper end of historical ranges. In fact, the United States’ S&P 500 Index has gone over 200 consecutive days without a selloff of more than 5%. Historically, it is very rare for the S&P500 to exceed 250 days without a selloff of more than 5%.

As the United States nears the point where it begins to unwind monetary support, the risks of market volatility and share market pullbacks increase. This has led us to a more defensive approach with reduced share market exposure and a reweighting from higher risk companies to more defensive companies including large, profitable technology companies and infrastructure and utility companies.

Core Growth Portfolio

• Returns are stated after Portfolio fees and expenses, but before any advisory fees or investor tax. Past performance is not necessarily an indication of future returns.

• Cumulative returns.

Maximum Decline and Volatility

• Returns should be looked at in conjunction with the level of risk associated with an investment. 'Maximum decline' is a measure of risk. It represents the largest decline in value in the previous 12 months or since inception of the Portfolio if it has not existed for 12 months.

• This is the annualised standard deviation calculated from weekly returns of the Portfolio over the 5 years ending 30 June 2021. For more details on the Portfolio’s Maximum Decline and Volatility please contact NZ Funds.

Note: Rounding may affect some numbers.

1. Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash.
2. The yield calculation represents an estimate of the yield on the Portfolio, calculated using the most recent information provided by the external investment managers involved in managing the Portfolio, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Portfolio summary. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds.
3. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details on economic exposure, see the Other Material Information document on the Offer Register at www.companiesoffice.govt.nz/disclose.
Note: Rounding may affect any subtotals and totals.

Growth Category returns were positive in August due to a combination of strong equity markets and outperformance from our specific share selections.

The strongest performance came from New Zealand and Australia shares which returned over 7.4% in August, compared to the NZX50 which returned 5.3% and the ASX200 at 2.5%. August is a month where many Australasian companies report financial results. The shares in our Portfolios reported very strong results which was a key driver of their performance.

Retirement village operator Summerset reported record earnings, and the share price gained 19% following its August announcement. Chorus’ share price was up 14%, driven by a positive announcement regarding the value of its fibre network. Telstra, Australia’s largest telecommunications business, reported results that saw its share price up 5%.

The international component of our portfolios also performed well, led by a strong bounce-back in the mega-cap technology companies including Amazon, Apple, Facebook and Google. These companies reported their second quarter results at the end of July and, despite initial share price weakness, these companies performed strongly throughout August with share price increases ranging between 4 to 8% for the month.

Looking forward, our share market outlook is positive. Favourable tailwinds, which haven’t changed since April 2020, continue to drive share markets higher. These include strong economic growth, continued fiscal and monetary stimulus, record high investor inflows and the relative attractiveness of share market returns versus bonds and cash.

However, we remain cautious and somewhat defensive in the sectors in which we are invested. Share market valuations continue to increase to levels that are at the upper end of historical ranges. In fact, the United States’ S&P 500 Index has gone over 200 consecutive days without a selloff of more than 5%. Historically, it is very rare for the S&P500 to exceed 250 days without a selloff of more than 5%.

As the United States nears the point where it begins to unwind monetary support, the risks of market volatility and share market pullbacks increase. This has led us to a more defensive approach with reduced share market exposure and a reweighting from higher risk companies to more defensive companies including large, profitable technology companies and infrastructure and utility companies.

Global Equity Growth Portfolio

• Returns are stated after Portfolio fees and expenses, but before any advisory fees or investor tax. Past performance is not necessarily an indication of future returns.

• Cumulative returns.

Maximum Decline and Volatility

• Returns should be looked at in conjunction with the level of risk associated with an investment. 'Maximum decline' is a measure of risk. It represents the largest decline in value in the previous 12 months or since inception of the Portfolio if it has not existed for 12 months.

• This is the annualised standard deviation calculated from weekly returns of the Portfolio over the 5 years ending 30 June 2021. For more details on the Portfolio’s Maximum Decline and Volatility please contact NZ Funds.

Note: Rounding may affect some numbers.

1. Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash.
2. The yield calculation represents an estimate of the yield on the Portfolio, calculated using the most recent information provided by the external investment managers involved in managing the Portfolio, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Portfolio summary. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds.
3. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details on economic exposure, see the Other Material Information document on the Offer Register at www.companiesoffice.govt.nz/disclose.
Note: Rounding may affect any subtotals and totals.

Growth Category returns were positive in August due to a combination of strong equity markets and outperformance from our specific share selections.

The strongest performance came from New Zealand and Australia shares which returned over 7.4% in August, compared to the NZX50 which returned 5.3% and the ASX200 at 2.5%. August is a month where many Australasian companies report financial results. The shares in our Portfolios reported very strong results which was a key driver of their performance.

Retirement village operator Summerset reported record earnings, and the share price gained 19% following its August announcement. Chorus’ share price was up 14%, driven by a positive announcement regarding the value of its fibre network. Telstra, Australia’s largest telecommunications business, reported results that saw its share price up 5%.

The international component of our portfolios also performed well, led by a strong bounce-back in the mega-cap technology companies including Amazon, Apple, Facebook and Google. These companies reported their second quarter results at the end of July and, despite initial share price weakness, these companies performed strongly throughout August with share price increases ranging between 4 to 8% for the month.

Looking forward, our share market outlook is positive. Favourable tailwinds, which haven’t changed since April 2020, continue to drive share markets higher. These include strong economic growth, continued fiscal and monetary stimulus, record high investor inflows and the relative attractiveness of share market returns versus bonds and cash.

However, we remain cautious and somewhat defensive in the sectors in which we are invested. Share market valuations continue to increase to levels that are at the upper end of historical ranges. In fact, the United States’ S&P 500 Index has gone over 200 consecutive days without a selloff of more than 5%. Historically, it is very rare for the S&P500 to exceed 250 days without a selloff of more than 5%.

As the United States nears the point where it begins to unwind monetary support, the risks of market volatility and share market pullbacks increase. This has led us to a more defensive approach with reduced share market exposure and a reweighting from higher risk companies to more defensive companies including large, profitable technology companies and infrastructure and utility companies.

Dividend and Growth Portfolio

• Returns are stated after Portfolio fees and expenses, but before any advisory fees or investor tax. Past performance is not necessarily an indication of future returns.

• Cumulative returns.

Maximum Decline and Volatility

• Returns should be looked at in conjunction with the level of risk associated with an investment. 'Maximum decline' is a measure of risk. It represents the largest decline in value in the previous 12 months or since inception of the Portfolio if it has not existed for 12 months.

• This is the annualised standard deviation calculated from weekly returns of the Portfolio over the 5 years ending 30 June 2021. For more details on the Portfolio’s Maximum Decline and Volatility please contact NZ Funds.

Note: Rounding may affect some numbers.

1. Where a strategy is shown, the asset class reflects the predominant assets in the strategy. The strategy may include other assets including cash.
2. The yield calculation represents an estimate of the yield on the Portfolio, calculated using the most recent information provided by the external investment managers involved in managing the Portfolio, hedged back to New Zealand dollars where appropriate. It is not calculated 'as at' any particular date as different external investment managers provide data at varying dates. As a result, in some instances the yields may lag the date of this Portfolio summary. The yield is not the actual return on the Portfolio, nor is it a projection or forecast. The Portfolio's return could be less than the Portfolio's yield. Details of the yield calculation are available on request from NZ Funds.
3. Total economic exposure represents the total economic value of a Portfolio, which is the net asset value of the Portfolio adjusted for the effect of direct derivative positions taken by the Portfolio and indirect derivative positions taken other than via a fund including hedge funds. For more details on economic exposure, see the Other Material Information document on the Offer Register at www.companiesoffice.govt.nz/disclose.
Note: Rounding may affect any subtotals and totals.