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 relative to return history. The Brandywine Global Opportunistic Fixed Income Fund carries a risk indicator of 4, one step higher than the Milford Global Corporate Bond Fund's risk indicator of 3, yet Brandywine's disclosed five-year return of 0.24% per annum sits well below Milford's 1.26% per annum over the same period. Both figures are drawn from each fund's latest Quarterly Fund Update and are after-tax, after-fee returns for the default prescribed investor rate; past returns are not a reliable indicator of future returns.
On fees, Milford charges an annual fund charge of 0.85% versus Brandywine's 0.77%, an eight basis-point difference on comparable fund sizes — Brandywine at NZD 410.3 million and Milford at NZD 406.9 million. Both funds hold an identical 13% in growth assets, placing them in the same broad asset-mix band despite their different risk indicators.
Portfolio construction diverges meaningfully. Brandywine's top holdings lean toward sovereign and quasi-sovereign debt across multiple countries — US Treasuries, Italian government bonds, and Colombian government bonds feature prominently — alongside a credit-default-swap position, signalling a more opportunistic, macro-driven strategy. Milford's top holdings are concentrated in investment-grade corporate issuers such as Bank of America and T-Mobile, consistent with a more conventional corporate-bond mandate. Neither fund is a KiwiSaver scheme fund based on the disclosed scheme classifications.
Verify all figures against the source PDS and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.
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
- 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?
