Fund-vs-fund · International FI
Brandywine Global Opportunistic Fixed Income Fund vs Milford Global Corporate Bond Fund
Both are International FI 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 risk profile. The Brandywine Global Opportunistic Fixed Income Fund carries a risk indicator of 4, while the Milford Global Corporate Bond Fund sits at 3 on the same FMA seven-point scale — a meaningful distinction for investors weighing volatility against return potential within the same International Fixed Income category.
Both funds hold identical growth asset allocations of 0.07% and are virtually the same size (Brandywine at NZD 410.3 million, Milford at NZD 406.9 million), so scale and income/growth orientation are not differentiating factors here. Annual fund charges diverge modestly: Brandywine discloses 0.77% versus Milford's 0.85%. Over five years, Milford's fund has returned 1.26% per annum against Brandywine's 0.24% — though past returns do not predict future performance, and the higher Brandywine risk rating did not translate into higher returns over this period.
The portfolios reflect meaningfully different credit and sovereign approaches. Brandywine's top holdings are dominated by sovereign and government-linked debt — US Treasuries, Italian BTPs, and Colombian government bonds — with a CDS instrument also appearing prominently. Milford's top holdings are concentrated in investment-grade corporate issuers across financials, real estate, and telecoms, consistent with its "Global Corporate Bond" mandate.
Neither fund's data indicates KiwiSaver scheme account eligibility in this snapshot. Readers should verify all figures, including the latest quarterly fund update and any fee changes, against each fund's current PDS and QFU on FMA Disclose before relying on this comparison.
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
- Brandywine Global Opportunistic Fixed Income Fund charges 0.08% lower in annual fund charges (0.77% vs 0.85%).
- 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 31 international fi funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Brandywine
0.77%
Upper half of cohort
Milford
0.85%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Brandywine
0.24%
Lower half over 5 years
Milford
1.26%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Brandywine
NZ$410m
Largest 15% in cohort
Milford
NZ$407m
Largest 18% in cohort
| Metric | Brandywine | Milford | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.77% | 0.85% | Lower is better |
| Risk indicator (1–7) | 4 | 3 | Higher = more volatility |
| 5-year return p.a. | 0.24% | 1.26% | Higher is better (past not future) |
| Fund size | NZ$410m | NZ$407m | 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
Brandywine
Brandywine Global Opportunistic Fixed Income Fund
The fund invests in an actively managed portfolio of sovereign bonds, investment grade corporate bonds, mortgage securities, currencies, and other similar securities. The fund can also invest in emerging market debt, high yield debt, and below investment grade non-sovereign and corporate debt.Full Brandywine Brandywine Global Opportunistic Fixed Income Fund profile →
Milford
Milford Global Corporate Bond Fund
The Fund's objective is to protect capital and generate a positive NZD-hedged 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 global corporate fixed interest securities.Full Milford Milford Global Corporate Bond Fund profile →
Common questions
What's the difference between the Brandywine Global Opportunistic Fixed Income Fund and the Milford Global Corporate Bond Fund?
Which fund has lower fees, Brandywine Global Opportunistic Fixed Income Fund or Milford Global Corporate 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?
