Fund-vs-fund · Diversified
ANZ Investments OneAnswer Balanced Fund vs Milford Conservative Fund
Both are Diversified 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 their growth asset allocation. The ANZ Investments OneAnswer Balanced Fund holds 53.2% in growth assets against a risk indicator of 4 (on a 1–7 scale), while the Milford Conservative Fund holds just 22.72% in growth assets with a risk indicator of 3. Both sit within the same Diversified category, but this split reflects meaningfully different portfolio construction and expected volatility profiles.
That allocation gap is visible in the top holdings. The ANZ fund's largest positions are global equities — Nvidia (1.28%), Apple (1.14%), and Microsoft (0.72%) — alongside a mortgage-backed security and Fisher & Paykel Healthcare. The Milford fund's top five holdings are entirely New Zealand fixed-income instruments, led by NZ Government bonds and LGFA debt, with the largest single position at 4.33%.
On fees, Milford discloses a 0.85% annual fund charge versus ANZ's 0.90%, a modest 5-basis-point difference. Fund sizes are comparable: ANZ at approximately NZ$927.1 million and Milford at approximately NZ$939.2 million. Over the five-year period captured in each fund's latest Quarterly Fund Update, the ANZ fund returned 2.96% per annum against Milford's 2.50%, though past returns are not a reliable indicator of future performance and the two funds carry different risk profiles, making direct return comparison limited in isolation.
Neither fund is identified here as a KiwiSaver scheme account product based on the data provided. Always verify current fees, returns, and holdings against each fund's Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any figures above.
Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.
What's different at a glance
- Milford Conservative Fund charges 0.05% lower in annual fund charges (0.85% vs 0.90%).
- Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Where each fund sits in its cohort
Percentile rank vs all 67 diversified funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
ANZ Investments
0.90%
Lower half of cohort
Milford
0.85%
Lower half of cohort
5-year return p.a.
Past performance — not a predictor
ANZ Investments
2.96%
Lower half over 5 years
Milford
2.50%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
ANZ Investments
NZ$927m
Largest 10% in cohort
Milford
NZ$939m
Largest 8% in cohort
| Metric | ANZ Investments | Milford | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.90% | 0.85% | Lower is better |
| Risk indicator (1–7) | 4 | 3 | Higher = more volatility |
| 5-year return p.a. | 2.96% | 2.50% | Higher is better (past not future) |
| Fund size | NZ$927m | NZ$939m | Larger = more stable, lower close-risk |
| Growth / income split | 53% / 47% | 23% / 77% | 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 | InvestNow · Direct | InvestNow · 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
ANZ Investments
ANZ Investments OneAnswer Balanced Fund
The Balanced Fund invests in similar amounts of income assets (cash and cash equivalents and fixed interest) and growth assets (equities, listed property and listed infrastructure). The fund may also invest in alternative assets.The Balanced Fund aims to achieve (after the fund charge and before tax) over the long term moderate returns, allowing for moderate ups and downs in value.Full ANZ Investments ANZ Investments OneAnswer Balanced Fund profile →
Milford
Milford Conservative Fund
The Fund’s objective is to provide moderate returns and protect capital after the base fund fee but before tax over the minimum recommended investment timeframe of three years. It is a diversified fund that primarily invests in fixed interest securities, with a moderate allocation to equities.Full Milford Milford Conservative Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
ANZ Investments
Milford
LiveLast verified 2026-05-08
- Supporting document149 kB · file fingerprint recorded
- Supporting document545 kB · file fingerprint recorded
- Supporting document402 kB · file fingerprint recorded
- Supporting document13000 kB · file fingerprint recorded
- Other Material Information251 kB · file fingerprint recorded
- Statement of Investment Policy402 kB · file fingerprint recorded
- + 3 more on the fund page
Common questions
What's the difference between the ANZ Investments OneAnswer Balanced Fund and the Milford Conservative Fund?
Which fund has lower fees, ANZ Investments OneAnswer Balanced Fund or Milford Conservative 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?
