Morningstar results are after fees and before tax. JUNO charges a flat dollar fee based on balance, so it is not possible to incorporate a percentage fee accurate for all members in the funds after tax return. Morningstar has adopted its global policy for dollar-based fees, to the JUNO funds in this instance. Morningstar has chosen a conservative KiwiSaver balance, of $10k, and applied the JUNO fee for that balance ($60) to get 0.60%. Morningstar has deducted that from the return we generate using its unit prices, which are pre fee. This percentage impact to each member is likely to be higher, or lower, than this figure. Past performance is not an indicator for future returns.
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