Fund-vs-fund · Diversified
Milford Active Growth Fund vs Milford Aggressive Fund
Both are Diversified 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 Milford-managed diversified funds is their asset allocation. The Milford Active Growth Fund holds 78.48% in growth assets, carrying a risk indicator of 4 (on a scale of 1–7), while the Milford Aggressive Fund sits at 98.31% growth assets with a risk indicator of 5 — a meaningfully higher exposure to market volatility that shapes everything downstream, from expected return range to drawdown depth.
On fees, the Aggressive Fund charges 1.15% per annum versus 1.05% for the Active Growth Fund, a 10-basis-point difference that compounds over time. Fund size also diverges: Active Growth stands at approximately NZD 5.98 billion; Aggressive at approximately NZD 3.69 billion. The five-year annualised return for Active Growth is 6.79%; the Aggressive Fund's equivalent figure is not available in our current snapshot, so direct historical performance comparison is not possible at this time.
Portfolio character differs too. Active Growth's largest disclosed holding is a New Zealand Government bond (3.43%), reflecting its meaningful fixed-income sleeve. The Aggressive Fund's top position is USD cash held at HSBC (7.09%), with its next four holdings concentrated in global equities — NVIDIA, Microsoft, Amazon, and Shell — consistent with its near-total growth asset mandate.
Both funds share the same PDS dated 18 June 2025 and are managed by Milford under the same scheme. Readers should verify all figures against the source PDS 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
- Milford Active Growth Fund charges 0.10% lower in annual fund charges (1.05% vs 1.15%).
- 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 67 diversified funds we've matched on Sorted Smart Investor. Mechanical only — no opinion, no forward-looking view.
Annual fund charge
Lower is better
Milford
1.05%
Upper half of cohort
Milford
1.15%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Milford
6.79%
Top 8% over 5 years
Milford
—
—
Fund size
Larger = more stable, lower close-risk
Milford
NZ$5.98b
Largest 1% in cohort
Milford
NZ$3.69b
Largest 2% in cohort
| Metric | Milford | Milford | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.05% | 1.15% | Lower is better |
| Risk indicator (1–7) | 4 | 5 | Higher = more volatility |
| 5-year return p.a. | 6.79% | — | Higher is better (past not future) |
| Fund size | NZ$5.98b | NZ$3.69b | Larger = more stable, lower close-risk |
| Growth / income split | 78% / 22% | 98% / 2% | 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.
Matching holdings
1
of each fund's top 10
Milford weight in shared
1.9%
of Milford Active Growth Fund top 10 is shared
Milford weight in shared
7.1%
of Milford Aggressive Fund top 10 is shared
| Holding | Milford | Milford |
|---|---|---|
| $ NZD Cash Current Account (HSBC) NZ | 1.90% | 7.09% |
"Min weight" = the smaller of the two weights — a conservative read of how much exposure you'd have to that position if you held both funds.
What each fund says it does
Milford
Milford Active Growth Fund
The Fund's objective is to provide annual returns of 10% after the base fund fee but before tax and before the performance fee, over the minimum recommended investment timeframe of seven years. It is a diversified fund that primarily invests in equities, with a moderate allocation to fixed interest securities.Full Milford Milford Active Growth Fund profile →
Milford
Milford Aggressive Fund
The Fund’s objective is to maximise capital growth after the base fund fee but before tax and before the performance fee, over the minimum recommended investment timeframe of ten years. It primarily invests in international equities, with a moderate allocation to Australasian equities.Full Milford Milford Aggressive Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Milford
LiveLast verified 2026-05-08
Milford
LiveLast verified 2026-05-08
Common questions
What's the difference between the Milford Active Growth Fund and the Milford Aggressive Fund?
Which fund has lower fees, Milford Active Growth Fund or Milford Aggressive Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
