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Harbour Asset Management Wins Morningstar New Zealand Fund Manager of the Year Award 2017

AUCKLAND, 1 March 2017 – Morningstar Australasia Pty Limited, a subsidiary of Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, today announced the winners of the New Zealand Morningstar Awards 2017. Harbour Asset Management received the top award as Morningstar's New Zealand Fund Manager of the Year.

“The winners in the Morningstar Awards have all shown themselves to be first-class stewards of their investors’ capital,” Chris Douglas, Morningstar Director of Manager Research Ratings, Asia-Pacific, said. “This compact but high-quality group of funds continues to deliver great outcomes for investors. As the New Zealand funds management industry grows, we expect to see more products and greater competition, driving even better outcomes for Kiwi investors.”

The winners of the New Zealand Morningstar Awards 2017 are:

New Zealand Fund Manager of the Year
Harbour Asset Management
AMP Capital, Milford Asset Management

Fixed Interest Category, New Zealand
AMP Capital
Harbour Asset Management, Russell Global Fixed Interest

Domestic Equities Category, New Zealand
Devon Funds Management
Harbour Asset Management, Milford Asset Management

International Equities Category, New Zealand
Elevation Capital
AMP Capital

KiwiSaver Category, New Zealand
Mercer, Milford Asset Management

New Zealand Fund Manager of the Year 2017 – Harbour Asset Management
Harbour Asset Management is the winner of the overall Fund Manager of the Year award for the second consecutive year. The firm was also a finalist in the Domestic Equities and Fixed Interest categories, only just missing out on the latter. Morningstar believes Harbour is one of the best stewards of New Zealand investors’ money. The shop applies a detailed, well-thought-out investment process to all its funds, has an open and transparent approach, and has consistently delivered market-leading longer-term returns.

Fund Manager of the Year: Fixed Interest Category, New Zealand 2017 – AMP Capital
AMP Capital New Zealand Fixed Interest maintains its rich history of delivering for investors and remains the pre-eminent vehicle for New Zealand fixed income investing. Head of Fixed Income Grant Hassell and Senior Portfolio Managers Vicky Hyde-Smith and Warren Potter are an impressive trio, which they demonstrated yet again in 2016 when they navigated renewed bond market volatility with aplomb and were one of the few options to trump the local market index. The stability, depth of insight, and portfolio management skills on offer here remain outstanding.

Fund Manager of the Year: Domestic Equities Category, New Zealand 2017 – Devon Funds Management
Devon Funds Management is best known for its flagship Trans-Tasman and Alpha strategies, which have been great long-term performers. But it’s the performance of the Dividend Yield strategy that has elevated the firm to win the award for Domestic Equities. Portfolio Manager Nick Dravitzki has achieved stellar returns for investors since the firm launched the strategy in December 2012. This expertise was particularly evident in 2016, as Devon skilfully steered through difficult market conditions in an environment when many high dividend-paying companies were sold off. Devon’s family of equities offerings is among the best, making the firm the deserving winner of this award.

Fund Manager of the Year: International Equities Category, New Zealand 2017 – Elevation Capital
Elevation Capital’s value-oriented investment philosophy and sharp stockpicking talents really came to the fore in 2016. Founder and Portfolio Manager Chris Swasbrook’s approach of judiciously selecting companies that have built ‘brand moats’ around their businesses and trade at discounts to intrinsic value enabled the firm to deliver a banner year, all the more impressive given the relatively high cash hoard. Also noteworthy are the firm’s commitment to transparency and to future fee reductions as assets grow. These characteristics all make Elevation Capital a worthy option for Kiwis looking to diversify their investments overseas.

Fund Manager of the Year: KiwiSaver Category, New Zealand 2017 – ASB
ASB KiwiSaver proves that a low-cost passive investment strategy with broad diversification creates a winning combination. A local investment committee oversees all decisions, drawing on the asset allocation expertise of affiliate Colonial First State Global Asset Management. ASB’s client-centric focus and the straightforward, true-to-label approach continue to deliver impressive results, making ASB the pre-eminent KiwiSaver provider
for 2016.

The Awards are copyright Morningstar. Fund managers may not publicise the Award(s) without the prior written consent of Morningstar.

Only fund managers with managed funds available for sale in New Zealand qualify for inclusion in the New Zealand Morningstar Awards.

Morningstar determines the winner based on a combination of qualitative research by its manager research analysts; risk-adjusted returns over medium- to long-term periods; and performance in the 2016 calendar year. Morningstar's manager research analysts assess the track record for a fund based on Morningstar's Risk-Adjusted Return measure over the one-, three-, and five-year periods. The objective is to screen for fund managers that have provided consistently strong returns, and not just reward those with the most impressive one-year return but have otherwise struggled to impress.

Morningstar's manager research analysts then conduct a qualitative assessment of the fund managers under consideration. This incorporates the five pillars of the Morningstar Analyst Rating™ – people, process, parent, price, and performance. The qualitative assessment also captures practical issues that quantitative screens cannot. After assessing the quantitative and qualitative outcomes for each fund manager, Morningstar's analysts then debate and decide on the fund managers they believe are worthy winners and finalists across the various categories. If a verdict cannot be reached by a unanimous decision, then each analyst casts a vote to decide.

Determining the Morningstar New Zealand Fund Manager of the Year 2017
To receive the overall Morningstar New Zealand Fund Manager of the Year award, a fund manager must have offered funds in multiple award categories or delivered an outstanding outcome for investors. Fund managers were assessed not only on whether they were a finalist in more than one category, but on products that had peer-beating returns but did not obtain a top three position. Morningstar’s manager research analysts present the Morningstar New Zealand Fund Manager of the Year 2017 award to the fund manager that had strong returns across multiple categories and was deemed a good steward of investors' capital. The Morningstar New Zealand Fund Manager of the Year 2017 therefore represents the New Zealand fund manager that, in Morningstar's opinion, has achieved the highest level of funds management excellence.

Determining the KiwiSaver Category Award
The winner in this category is the provider that offers the best solution for New Zealanders' retirement savings needs. The winner is determined by a combination of qualitative research by Morningstar's manager research analysts, transparency and disclosure, investor experience, performance, and fees.

For more information about Morningstar’s other global fund awards, visit http://awards.morningstar.com.

About Morningstar Australasia Pty Limited and Morningstar, Inc.
Morningstar Australasia is a subsidiary of Morningstar, Inc., a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for individual investors, financial advisers, asset managers, retirement plan providers and sponsors, and institutional investors in the private capital markets. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than US$200 billion in assets under advisement and management at 31 December 2016. The company has operations in 27 countries.

Analyst Ratings are subjective in nature and should not be used as the sole basis for investment decisions. Analyst Ratings are based on Morningstar’s current expectations about future events and therefore involve unknown risks and uncertainties that may cause Morningstar’s expectations not to occur or to differ significantly from what was expected. Morningstar does not represent its Analyst Ratings to be guarantees nor should they be viewed as an assessment of a fund’s or the fund’s underlying securities’ creditworthiness. The references above should not be considered a solicitation by Morningstar to buy securities.

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