Fund-vs-fund · Australasian Equities
Fisher Funds New Zealand Growth Fund vs Milford Australian Absolute Growth Fund
Both are Australasian Equities 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 posture. The Fisher Funds New Zealand Growth Fund holds 98.31% in growth assets, making it an almost entirely equity-exposed vehicle. The Milford Australian Absolute Growth Fund sits at 53.15% growth assets — closer to a balanced profile — with the remainder spread across significant cash positions: USD cash (9.39%), AUD cash (8.68%), and NZD cash (3.92%) among its top holdings. This divergence is reflected in their risk indicators: Milford sits at 4 on the standard 1–7 scale, Fisher Funds at 5, indicating materially different expected volatility profiles despite sharing the same Australasian Equities category label.
Geographic focus also differs sharply. Milford's top equity holding is BHP Group, with Commonwealth Bank of Australia also featuring prominently, pointing to an Australian equity tilt. Fisher Funds' portfolio is concentrated in New Zealand names — Fisher & Paykel Healthcare (18.39%), Infratil (14.65%), and Mainfreight (7.84%) — with the top five holdings alone representing over 55% of the fund.
On fees, Fisher Funds charges 1.42% annually versus Milford's 1.05%. Over the latest available five-year period, Milford returned 5.63% per annum against Fisher Funds' 1.47%, though past returns are not a reliable guide to future performance and the periods may not be perfectly aligned. Fund sizes are broadly comparable: Milford at NZD 174.2 million, Fisher Funds at NZD 160.6 million.
Verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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 Australian Absolute Growth Fund charges 0.37% lower in annual fund charges (1.05% vs 1.42%).
- 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 58 australasian equities funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Fisher Funds
1.42%
Highest 6% of cohort
Milford
1.05%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Fisher Funds
1.47%
Lower half over 5 years
Milford
5.63%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Fisher Funds
NZ$161m
Upper half by size
Milford
NZ$174m
Largest 23% in cohort
| Metric | Fisher Funds | Milford | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.42% | 1.05% | Lower is better |
| Risk indicator (1–7) | 5 | 4 | Higher = more volatility |
| 5-year return p.a. | 1.47% | 5.63% | Higher is better (past not future) |
| Fund size | NZ$161m | NZ$174m | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 53% / 47% | 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
Fisher Funds
Fisher Funds New Zealand Growth Fund
The fund focuses on growth of your investment over the long term by investing in quality New Zealand companies which can consistently produce increasing earningsFull Fisher Funds Fisher Funds New Zealand Growth Fund profile →
Milford
Milford Australian Absolute Growth Fund
The Fund targets an absolute return with an annualised return objective of 5% above the New Zealand Official Cash Rate while seeking to protect capital after the base fund fee but before tax and before the performance fee, over rolling three year periods. It is a diversified fund that primarily invests in Australasian equities, complemented by selective exposure to international equities and cash.Full Milford Milford Australian Absolute Growth Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Fisher Funds
LiveLast verified 2026-05-08
Milford
Common questions
What's the difference between the Fisher Funds New Zealand Growth Fund and the Milford Australian Absolute Growth Fund?
Which fund has lower fees, Fisher Funds New Zealand Growth Fund or Milford Australian Absolute Growth 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?
