Fund-vs-fund · International FI
Daintree Core Income PIE 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 transparency of underlying holdings. The Milford Global Corporate Bond Fund discloses a diversified portfolio of individually named bonds — including positions in Goodman US Finance Six, Bank of America, T-Mobile USA, Barclays, and Permanent TSB Group Holdings — with the largest single holding at 4.38% of the fund. The Daintree Core Income PIE, by contrast, allocates 99.17% of its assets to a single line item: "Daintree Core Income Trust NZD," a feeder structure that routes capital into an underlying trust. Investors in the Daintree PIE therefore carry an additional layer of structural complexity and would need to examine the underlying trust's disclosures to assess its constituent bond exposures.
Both funds sit in the International Fixed Income category, carry the same FMA risk indicator of 3, and report an identical 0.07% allocation to growth assets, suggesting broadly comparable defensive positioning. On fees, Daintree discloses a 0.73% annual fund charge against Milford's 0.85%. Fund size is similar — Milford at approximately NZD 407 million and Daintree at approximately NZD 337 million. On five-year returns, Milford reports 1.26% per annum; Daintree's five-year return figure is not available in our current snapshot, likely reflecting the fund's shorter operating history under its current structure.
Readers should verify all figures, including fees, returns, and current portfolio composition, 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
- Daintree Core Income PIE charges 0.12% lower in annual fund charges (0.73% 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
Daintree
0.73%
Upper half of cohort
Milford
0.85%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Daintree
—
—
Milford
1.26%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Daintree
NZ$337m
Largest 24% in cohort
Milford
NZ$407m
Largest 18% in cohort
| Metric | Daintree | Milford | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.73% | 0.85% | Lower is better |
| Risk indicator (1–7) | 3 | 3 | Higher = more volatility |
| 5-year return p.a. | — | 1.26% | Higher is better (past not future) |
| Fund size | NZ$337m | 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
Daintree
Daintree Core Income PIE
The Fund invests into the Daintree Core Income Trust with a diversified portfolio of international credit and fixed income securities and cash and applies a range of strategies that include duration and yield curve management, (actively managing the maturity profile of the portfolio), sector rotation and individual security selection. The aim of the Fund is to provide an absolute return (greater than cash) over time and a steady stream of income and capital stability over the medium term.Full Daintree Daintree Core Income PIE 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 Daintree Core Income PIE and the Milford Global Corporate Bond Fund?
Which fund has lower fees, Daintree Core Income PIE or Milford Global Corporate Bond Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
