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 asset allocation. The ANZ Investments OneAnswer Balanced Fund holds 53.15% in growth assets, while the Milford Conservative Fund holds just 23.37% — a gap of nearly 30 percentage points that drives meaningful differences in risk profile, return potential, and volatility. This is reflected directly in their FMA risk indicators: the ANZ fund sits at 4 (moderate) against Milford's 3 (moderate-low) on the standard 1–7 scale.
Both funds sit within the Diversified category and are similarly sized — ANZ at approximately NZD 927 million and Milford at approximately NZD 939 million. Annual fund charges are close but not identical: ANZ charges 0.90% versus Milford's 0.85%. Over the five-year period disclosed in each fund's latest Quarterly Fund Update, the ANZ fund returned 2.96% per annum against Milford's 2.50%, a difference broadly consistent with the higher growth-asset weighting.
Portfolio composition further illustrates the structural contrast. The ANZ fund's top holdings include global equities such as Nvidia Corporation and Apple Inc alongside mortgage-backed securities, reflecting its growth tilt. Milford's top five holdings are dominated by New Zealand Government bonds and NZD cash, consistent with its conservative, income-oriented positioning. Neither fund is identified in this data as a KiwiSaver scheme account.
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 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
- 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 | 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
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
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?
