Fund-vs-fund · Diversified
Milford Active Growth FundvsMilford 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.
How much do these two overlap?
They hold 211 of the same securities. If you held both, roughly 42.5% 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 | Milford Active | Milford Aggressive | Min weight |
|---|---|---|---|
| SSE PLC | 2.82% | 1.79% | 1.79% |
| Taiwan Semiconductor-SP ADR | 1.79% | 1.78% | 1.78% |
| NatWest Group | 2.41% | 1.63% | 1.63% |
| aramark | 2.32% | 1.48% | 1.48% |
| Microsoft | 1.42% | 2.96% | 1.42% |
| CRH PLC | 1.76% | 1.38% | 1.38% |
| Shell PLC | 1.37% | 2.65% | 1.37% |
| NATIONAL GRID | 2.46% | 1.22% | 1.22% |
| Amazon.com | 1.21% | 2.94% | 1.21% |
| Bank of Ireland Group PLC | 1.11% | 1.61% | 1.11% |
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.
Milford Active Growth Fund
Milford Aggressive Fund
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 68 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 9% 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. |
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?
