Portfolio Performance Notes

All returns are in New Zealand dollars and are net of fund management fees, but before custodial, administration and adviser fees, and before tax. Returns are calculated by compounding monthly returns and may be subject to rounding error. Returns are annualised for time periods greater than one year. The model portfolio returns presented above are based on an annual rebalance. Client gross returns will differ from model portfolio performance due to numerous factors, including, but not limited to, differing rebalance timing and/or rounding. This information is intended to be of a general nature and does not take into account your financial situation or goals and is not personalised advice. Past performance is no guarantee of future performance. Please note these returns are not intended to meet the requirements of Schedule 21 of the Financial Markets Conduct Regulations (FMC Regulations). To view model portfolio returns after fees and before tax (as required by Schedule 21 of the FMC Regulations), please see the relevant Investment Proposal.