Our Investment Performance
We believe returns data should tell investors what they would get, in their hand, if they were to cash
up their account. That means all fees, costs, charges and all taxes deducted, and the assets valued
at market prices. Not all KiwiSaver providers do this, which makes it near impossible to compare KiwiSaver
providers’ performance.
The graph below shows Gareth Morgan KiwiSaver Scheme investment returns after all fees, costs, charges
and taxes have been deducted.
|
|
Members: 65,178 (as at 30 Apr 13)
|
|
Past performance is no indicator of future performance. In other words the best performing KiwiSaver
Scheme this year may not be the best performing KiwiSaver Scheme next year.
Why do you compare your GIPS performance to a benchmark?
Video transcription
Interviewer: Why do you compare your GIPS performance to a benchmark?
Andrew Gawith: We’ve committed to using GIPS, which is the Global Investment Performance Standards for
reporting performance to our customers, our KiwiSaver members. GIPS sets down a whole series of standards
and processes for reporting performance, we have to follow those. And one of the requirements is to
provide a benchmark, for each of the portfolios that we provide, so that members can compare our performance
to a relevant benchmark.
Interviewer: Why don’t you compare your performance to other providers?
Andrew Gawith: Well, other providers don’t follow the GIPS standards, and therefore we don’t know what
their performance numbers are based on. Morningstar and Fundsource report the performance of other KiwiSaver
providers, again, we can’t rely on the integrity of those numbers – certainly they are not independently
verified.
Interviewer: Why are your numbers not in the Morningstar reports?
Andrew Gawith: the GIPS performance data that we provide and publish is not comparable, we know it’s
not comparable to the Morningstar and Fundsource data – ours is after all fees and all taxes.
So they simply are not comparable. What is important for members, and this goes for all KiwiSaver members,
is that the government is looking to compel KiwiSaver providers to report performance on a standard
basis, so that performance is comparable. We are putting in a submission to the government, that they
adopt the GIPS approach to reporting KiwiSaver performance. And if this were the case, we would be delighted
to have our performance numbers published alongside everybody else’s, on the same basis.
Interviewer: Couldn’t you just add the taxes back in and then put your numbers in the Morningstar tables?
Andrew Gawith: We could do that, and for a period we were doing that. We were in the Morningstar tables.
But, what we found was, that in fact we took all our fees off, but it was quite obvious from the fine
print of the other KiwiSaver providers, that not all fees were being taken off. So again, an unfair
comparison.
We are after delivering performance reporting to members that really does mean what they would get in
their hand, as opposed to something short of that.
GIPS - Global Investment Performance Standards
GIPS is a set of global standards for measuring and presenting past investment performance. The GIPS standards were designed to ensure firms use reliable performance measurements based on the principles of fair representation and full disclosure. GIPS is widely accepted internationally as a best practice standard for reporting investment performance.
Gareth Morgan KiwiSaver Limited is compliant with GIPS. Gareth Morgan KiwiSaver Limited's processes and performance reporting procedures have been scrutinized and verified by an independent GIPS consultant. Gareth Morgan KiwiSaver Scheme members can be assured that we meet these standards.
See what Gareth has to say about GIPS
What is a benchmark and why is it important?
GIPS compliant performance tables
The tables below show GIPS compliant performance data for each of the Gareth Morgan KiwiSaver Scheme investment portfolios for the current year to date (after tax and fees), plus annual returns (after tax and fees) for each calendar year since the scheme's inception. The top Prescribed Investor Rate (PIR) of 28% is used in the calculation of after tax and fees returns.
Company disclosure
Gareth Morgan KiwiSaver Limited is the manager of the Gareth Morgan KiwiSaver Scheme, a registered KiwiSaver scheme under the KiwiSaver Act 2006. Gareth Morgan KiwiSaver Limited claims compliance with the Global Investment Performance Standards (GIPS®). Gareth Morgan KiwiSaver Limited has been independently verified for the periods 1 October 2007 through 31 December 2012. Verification assesses whether Gareth Morgan KiwiSaver Limited has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and that Gareth Morgan KiwiSaver Limited’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards.
Cash composite
|
|
Four months to |
Returns for the years ended 31 December |
|
|
30 April 2013 |
2012* |
2011 |
2010 |
2009 |
2008 |
2007 |
|
Cash
composite
|
0.72% |
0.54% |
n/a |
n/a |
n/a |
n/a |
n/a |
|
Benchmark |
0.52% |
0.40% |
n/a |
n/a |
n/a |
n/a |
n/a |
|
|
Returns are shown in NZD, after fees and taxes, *from 1 October 2012. |
Benchmark disclosure is available here.
CashPlus composite
|
|
Four months to |
Returns for the years ended 31 December |
|
|
30 April 2013 |
2012* |
2011 |
2010 |
2009 |
2008 |
2007 |
CashPlus composite
|
0.91% |
1.42% |
n/a |
n/a |
n/a |
n/a |
n/a |
|
Benchmark |
0.73% |
0.73% |
n/a |
n/a |
n/a |
n/a |
n/a |
|
|
Returns are shown in NZD, after fees and taxes, *from 1 June 2012. |
Benchmark disclosure is available here.
Conservative composite
|
|
Four months to |
Returns for the years ended 31 December |
|
|
30 April 2013 |
2012 |
2011 |
2010 |
2009 |
2008 |
2007* |
Conservative composite
|
2.48% |
5.50% |
3.00% |
3.47% |
2.51% |
2.22% |
-0.44% |
|
Benchmark |
1.79% |
3.21% |
2.98% |
3.48% |
3.68% |
-1.13% |
-0.03% |
|
|
Returns are shown in NZD, after fees and taxes, *from 1 October 2007. |
Benchmark disclosure is available here.
Balanced composite
|
|
Four months to |
Returns for the years ended 31 December |
|
|
30 April 2013 |
2012 |
2011 |
2010 |
2009 |
2008 |
2007* |
|
Balanced composite |
5.31% |
8.48% |
-1.23% |
2.81% |
2.84% |
-3.29% |
-0.84% |
|
Benchmark |
5.13% |
7.76% |
-1.91% |
4.02% |
6.80% |
-15.54% |
-1.82% |
|
|
Returns are shown in NZD, after fees and taxes, *from 1 October 2007. |
Benchmark disclosure is available here.
Growth composite
|
|
Four months to |
Returns for the years ended 31 December |
|
|
30 April 2013 |
2012 |
2011 |
2010 |
2009 |
2008 |
2007* |
Growth
composite
|
8.18% |
11.06% |
-6.55% |
1.94% |
3.40% |
-10.79% |
-1.12% |
|
Benchmark |
7.54% |
11.02% |
-5.63% |
2.10% |
3.30% |
-23.93% |
-4.05% |
|
|
Returns are shown in NZD, after fees and taxes, *from 1 October 2007. |
Benchmark disclosure is available here.
Annual GIPS compliant presentations
Detailed GIPS compliant presentations for each of the Gareth Morgan KiwiSaver Scheme investment portfolios for the year ended 31 December 2012 are available below. There is an additional composite description report which describes the composition of each of these investment portfolios available to members.
GIPS compliant performance presentations 31 December 2012:
• Cash portfolio performance
• CashPlus portfolio performance
• Conservative portfolio performance
• Balanced portfolio performance
• Growth portfolio performance
Statement on the composition of each of the portfolios above:
• Composite descriptions