Lifetime Lifesteps Consolidation Fund

  

The Lifetime Lifesteps Consolidation Fund is a diversified fund that provides exposure to a range of asset classes. It employs an active asset allocation strategy invested 53.5% in income assets (Cash & Cash Equivalents, NZ Fixed Interest, & International Fixed Interest), and 46.5% in growth assets (Listed Property, Listed Infrastructure, Australasian Equities, & International Equities). It is expected to experience medium volatility.

 

Investment Objectives

The fund seeks to track composite indices (before annual fund charge and tax), comprising:

        • 10.5% - S&P/NZX Bank Bills 90-Day Index
        • 21.5% - Bloomberg NZBond Composite 0+ Yr Index
        • 21.5% - Bloomberg Global Aggregate Index, 100% hedged to NZD
        • 7.5% - Morningstar New Zealand (total return) Index, including imputation credits
        • 3.5% - S&P/ASX 200 Fossil Fuel Screened Total Return Index in NZD
        • 27% - MSCI World ex Australia, ESG Screened Index, 50% hedged to NZD
        • 3.5% - S&P/NZX Real Estate Select Index
        • 2.5% - Dow Jones Global Select ESG Tilted RESI, 100% hedged to NZD
        • 2.5% - Dow Jones Brookfield Global Infrastructure Index, 100% hedged to NZD

 

Underlying Managers & Target Asset Allocations 

The table below sets out the target asset allocation and underlying investment managers for the Fund.

Asset Class

Underlying Fund Managers

Underlying Fund

Benchmark Asset Allocation

Cash & Cash Equivalents

Fisher

Fisher Institutional New Zealand Cash Fund

10.5%

NZ Fixed Interest

Fisher

Fisher Institutional New Zealand Fixed Interest Fund

21.5%

International Fixed Interest

Smartshares

Smart Wholesale Global Government Bond Fund

Smart Wholesale Global Credit Fund

21.5%

NZ Equities

Simplicity

Simplicity NZ Share Fund

7.5%

Australian Equities

Smartshares

Smart Wholesale Australian Equity ESG Fund

3.5%

International Equities

Smartshares

Smart Wholesale Global Equity ESG Fund

Smart Wholesale Global Equity ESG Fund Hedged

27%

NZ Listed Property

Kernel

Kernel NZ Commercial Property Fund

3.5%

International Listed Property

Kernel

Kernel Global Property (NZD Hedged) Fund

2.5%

International Listed Infrastructure

Kernel

Kernel Global Infrastructure (NZD Hedged) Fund

2.5%

 

 

Lifetime Lifesteps Consolidation Fund - Target Investment Mix 

 

The ‘AMP Lifesteps Consolidation Fund’ was renamed the ‘Lifetime Lifesteps Consolidation Fund’ when Lifetime Asset Management acquired the Scheme on 30 September 2023.