Fund-vs-fund · NZ Fixed Interest
Amova Corporate Bond Fund vs Milford Trans-Tasman Bond Fund
Both are NZ Fixed Interest funds available to NZ retail investors. Numbers below are sourced from the FMA Disclose register via Sorted Smart Investor and reflect the latest published quarterly fund updates.
Why these two differ
The most material structural difference between these two funds is fund size. The Milford Trans-Tasman Bond Fund holds approximately NZD 2.14 billion in assets under management, roughly 3.8 times the Amova Corporate Bond Fund's NZD 558 million. Scale can affect liquidity management, transaction costs, and negotiating leverage on bond pricing, though neither fund's QFU quantifies these effects explicitly.
Both funds sit in the NZ Fixed Interest category, carry an identical risk indicator of 3 on the standard 1–7 scale, and report an identical growth assets allocation of 0.07%. Their five-year returns are close: Milford at 1.66% per annum versus Amova at 1.63% per annum, a gap of 0.03 percentage points that is unlikely to be statistically meaningful over the period sampled.
Fees differ modestly. Milford discloses an annual fund charge of 0.65%; Amova discloses 0.70%. Investors should confirm whether either figure includes performance fees or other charges not captured in this snapshot.
Portfolio composition reveals a meaningful qualitative difference. Milford's top five holdings are exclusively New Zealand government-related issuers — LGFA and Housing New Zealand bonds. Amova's top five include comparable sovereign-adjacent names but also bank capital instruments (Bank of New Zealand, Rabobank) and an insurance subordinated security (IAG), suggesting broader credit exposure within the fixed-interest mandate. Neither fund's QFU discloses average credit rating or duration, so direct risk-per-unit-of-return comparisons are limited by the available data.
Always verify current fees, holdings, and risk disclosures against each fund's product disclosure statement and latest quarterly fund update on FMA Disclose before relying on any of this information.
Comparison generated 2026-07-05 from each fund's FMA Disclose QFU facts as at that date. If the underlying facts change, this narrative is withheld until it is regenerated — the tables on this page always reflect the current data.
What's different at a glance
- Annual fund charges are within 0.05% of each other (0.70% vs 0.65%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
- Milford Trans-Tasman Bond Fund is roughly 3.8× the size of the other fund.
Where each fund sits in its cohort
Percentile rank vs all 14 nz fixed interest funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Amova
0.70%
Upper half of cohort
Milford
0.65%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Amova
1.63%
Top 19% over 5 years
Milford
1.66%
Top 12% over 5 years
Fund size
Larger = more stable, lower close-risk
Amova
NZ$558m
Largest 25% in cohort
Milford
NZ$2.14b
Largest 4% in cohort
| Metric | Amova | Milford | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.70% | 0.65% | Lower is better |
| Risk indicator (1–7) | 3 | 3 | Higher = more volatility |
| 5-year return p.a. | 1.63% | 1.66% | Higher is better (past not future) |
| Fund size | NZ$558m | NZ$2.14b | Larger = more stable, lower close-risk |
| Growth / income split | 0% / 100% | 0% / 100% | More growth = higher long-run return + volatility |
| NZ tax structure | PIE (PIR-capped) | PIE (PIR-capped) | PIE = simpler. FIF = annual return. |
| Currency hedging | — | — | Hedged smooths NZD/foreign FX moves at a small cost. |
| Responsible investment screening | No | No | Specific exclusions live in each fund's SIPO. |
| Available via | Direct | Direct | Platforms accepting retail subscriptions. |
Portfolio overlap
How many top-10 positions both funds hold, and at what weight. Computed from each fund's most recently disclosed top-10 holdings — exact-name matched (Microsoft Corp. = Microsoft Corporation), with a Cash / Cash & Equivalents collapse rule.
What each fund says it does
Amova
Amova Corporate Bond Fund
The Fund aims to outperform the Bloomberg NZBond Credit 0+ Year Index by 0.70% p.A. Over a rolling three year period before fees, expenses and taxes. The fund aims to provide investors with regular income by constructing an actively managed investment portfolio of New Zealand bonds, deposits and cash whilst preserving the capital value.Full Amova Amova Corporate Bond Fund profile →
Milford
Milford Trans-Tasman Bond Fund
The Fund's objective is to generate a positive, low volatility return after the base fund fee but before tax, that exceeds the relevant benchmark over the minimum recommended investment timeframe of three years. It primarily invests in trans-Tasman fixed interest securities.Full Milford Milford Trans-Tasman Bond Fund profile →
Common questions
What's the difference between the Amova Corporate Bond Fund and the Milford Trans-Tasman Bond Fund?
Which fund has lower fees, Amova Corporate Bond Fund or Milford Trans-Tasman Bond Fund?
How do the 5-year returns compare?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
