Lifetime Balanced Fund
The Lifetime Balanced Fund is a diversified fund that provides exposure to a range of asset classes. It employs an active asset allocation strategy and a passive investment management strategy invested 40% in income assets (Cash & Cash Equivalents, NZ Fixed Interest, & International Fixed Interest), and 60% in growth assets (Listed Property, Australasian Equities, & International Equities).
Investment Objectives
The fund seeks to track composite indices (before annual fund charge and tax), comprising:
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- 5% - S&P/NZX Bank Bills 90-Day Index
- 17.5% - Bloomberg NZBond Composite 0+ Yr Index
- 17.5% - Bloomberg MSCI Global Aggregate SRI Select ex-Fossil Fuels Index, 100% hedged to NZD
- 7.5% - Morningstar New Zealand (total return) Index, including imputation credits
- 7.5% - S&P/ASX 200 Accumulation Index (in NZD)
- 17.5% - MSCI World Index NR ex NZ, Tobacco, Controversial and Nuclear Weapons
- 17.5% - MSCI World Index NR ex NZ, Tobacco, Controversial and Nuclear Weapons, 100% hedged to NZD
- 10% - S&P/NZX Real Estate Select Index
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Underlying Managers & Target Asset Allocations
The table below sets out the target asset allocation and underlying investment managers for the Fund.
For more information you can access the Funds Statement of Investment Objectives and Policy (SIPO).
Asset Class |
Underlying Fund Managers |
Investment Managers |
Product Name |
Benchmark Asset Allocation |
Cash & Cash Equivalents |
Fisher |
Fisher |
Fisher Institutional New Zealand Cash Fund |
5% |
NZ Fixed Interest |
Fisher |
Fisher |
Fisher Institutional New Zealand Fixed Interest Fund |
17.5% |
International Fixed Interest |
Mercer |
UBS |
Mercer Ethical Leaders Hedged Global Fixed Interest Fund |
17.5% |
NZ Equities |
Simplicity |
Simplicity |
Simplicity NZ Share Fund |
7.5% |
Australian Equities |
Mercer |
Macquarie |
Mercer Macquarie Australian Shares Fund |
7.5% |
International Equities |
Mercer |
Legal & General |
Mercer Socially Responsible Overseas Shares Index Portfolio (Hedged & Unhedged) |
35% |
Listed Property |
Kernel |
Kernel |
Kernel NZ Commercial Property Fund |
10% |
Lifetime Balanced Fund - Target Investment Mix
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The ‘AMP Select Balanced Fund’ was renamed the ‘Lifetime Balanced Fund’ when Lifetime Asset Management acquired the Scheme on 30 September 2023.