What can the AMP Growth Managed Fund actually invest in?
The fund's Statement of Investment Policy and Objectives (SIPO) defines the asset classes it can hold and the allowable target / min / max weights for each.
Strategic asset allocation ranges
| Asset class | Target | Min | Max |
|---|---|---|---|
| Cash and cash equivalents | 2% | 0% | 12% |
| New Zealand fixed interest | 10% | 0% | 20% |
| International fixed interest | 10% | 0% | 20% |
| Total Income Assets | 22% | 12% | 32% |
| Australasian equities | 19% | 9% | 29% |
| International equities | 51.5% | 41.5% | 61.5% |
| Other (infrastructure) | 7.5% | 0% | 17.5% |
| Total Growth Assets | 78% | 68% | 88% |
Mandate flexibility (sum of max − min across all ranges): 149.5%. Moderate range — some manager latitude within a broader mandate.
Explicit exclusions (13)
- Controversial weapons (anti-personnel mines, biological/chemical weapons, cluster weapons, nuclear weapons, depleted uranium, white phosphorus)
- Civilian firearms producers and distributors >5% revenue
- Military weapons >5% revenue
- Fossil fuels (arctic oil & gas, oil & gas, oil sands, shale energy, thermal coal)
- Power generation from thermal coal >5% revenue
- Nuclear power >5% electricity generation
- Tobacco producers and distributors >5% revenue
- Palm oil producers and distributors
- Whale meat production
- UN Global Compact violators
- Primary industry GICS exclusions (coal, integrated oil & gas, oil & gas drilling, oil & gas equipment, oil & gas exploration and production, tobacco)
- NZ Super Fund exclusion list
- Securities issued by or traded on Russian Federation
Responsible-investment approach
The Manager applies a Sustainable Investment Philosophy with four pillars: Support the good, Avoid the bad, Reduce our carbon footprint, and Advocate for change. Exclusions are applied via mandate covering controversial weapons, civilian firearms, military weapons, fossil fuels, thermal coal power generation, nuclear power, tobacco, palm oil, whale products, UN Global Compact violators, primary industry GICS exclusions, NZ Super Fund exclusions, and Russian Federation securities. A significant ownership filter excludes companies owning 10–50% of excluded entities where total exclusion applies.
Derivatives policy
Derivatives may be used for risk management or to optimise investment strategy implementation. Each fund (and any underlying fund) is permitted to hold derivatives for currency hedging and other risk management purposes, and derivatives related to each asset class so long as total market exposure remains within permitted asset allocation ranges.