Fund-vs-fund · Australasian Equities
Fisher Funds New Zealand Growth FundvsMilford 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.
How much do these two overlap?
They hold 5 of the same securities. If you held both, roughly 3.5% of your money would be in the same companies — so the diversification you get from holding the pair is smaller than holding two funds suggests.
| Shared holding | Fisher Funds | Milford Australian | Min weight |
|---|---|---|---|
| Contact Energy | 3.91% | 1.61% | 1.61% |
| Summerset Group | 6.71% | 1.04% | 1.04% |
| Xero | 5.60% | 0.29% | 0.29% |
| a2 Milk | 5.12% | 0.27% | 0.27% |
| Fisher & Paykel Healthcare | 18.39% | 0.24% | 0.24% |
Min weight is the smaller of the two weightings — if you hold both funds, that is the floor of your exposure to that position. Direct holdings only: anything either fund holds through an underlying fund or ETF is not counted, so the real overlap can only be higher. From each fund's FMA Disclose full portfolio filing.
Where you can buy these
Platform availability confirmed within the last 180 days. This is a statement of availability, not a recommendation — ManagedFundsNZ is not a Financial Advice Provider. Check the current PDS before investing.
Fisher Funds New Zealand Growth Fund
Milford Australian Absolute Growth Fund
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 57 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%
Upper 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
Upper half by size
| 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. |
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?
