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Fund-vs-fund · Diversified

Milford Active Growth Fund vs Milford Balanced 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.

Milford logo

Milford

Milford Active Growth Fund

PIE · capped at PIR (max 28%) growth
Milford logo

Milford

Milford Balanced Fund

PIE · capped at PIR (max 28%) balanced

Why these two differ

The most material structural difference between these two Milford funds is their growth asset allocation. The Milford Active Growth Fund holds 78.34% in growth assets, while the Milford Balanced Fund holds 52.35% — a gap of roughly 26 percentage points that shapes the risk-return profile of each portfolio. Despite this difference in asset mix, both funds carry an identical risk indicator of 4 (on a scale of 1 to 7) and an identical annual fund charge of 1.05%, which is notable given that higher equity exposure does not translate here into a higher fee.

The five-year return figures reflect the growth tilt: the Active Growth Fund returned 6.79% per annum over five years versus 4.74% for the Balanced Fund, though past returns are not a reliable indicator of future performance. The Active Growth Fund is also substantially larger at approximately NZD 5.98 billion compared to approximately NZD 2.52 billion for the Balanced Fund.

Portfolio construction differs in kind as well as degree. The Active Growth Fund's top holdings are dominated by listed equities — SSE Plc, National Grid Plc, NatWest Group, and Aramark — alongside a NZ Government bond position. The Balanced Fund's top holdings include three multi-currency cash accounts, suggesting a more defensive liquidity buffer alongside its equity and fixed income exposure. Both funds share the same PDS dated 18 June 2025.

Verify all figures against each fund's current Product Disclosure Statement and latest Quarterly Fund Update on FMA Disclose before relying on any of this information.

Cached comparison generated 2026-05-21 from each fund's latest FMA Disclose QFU. Regenerated when the underlying facts change.

What's different at a glance

  • Annual fund charges are within 0.05% of each other (1.05% vs 1.05%).
  • Both are New Zealand PIE funds — investor tax is capped at the Prescribed Investor Rate (PIR), maximum 28%.
  • Milford Active Growth Fund is roughly 2.4× the size of the other fund.

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

1.05%

Upper half of cohort

5-year return p.a.

Past performance — not a predictor

Milford

6.79%

Top 8% over 5 years

Milford

4.74%

Upper half over 5 years

Fund size

Larger = more stable, lower close-risk

Milford

NZ$5.98b

Largest 1% in cohort

Milford

NZ$2.52b

Largest 5% in cohort

Metric Milford Milford Lower / higher is
Annual fund charge 1.05% 1.05% Lower is better
Risk indicator (1–7) 4 4 Higher = more volatility
5-year return p.a. 6.79% 4.74% Higher is better
(past not future)
Fund size NZ$5.98b NZ$2.52b Larger = more stable, lower close-risk
Growth / income split 78% / 22% 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.
Sources: Milford on Sorted Milford on Sorted

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

6

of each fund's top 10

Milford weight in shared

15.0%

of Milford Active Growth Fund top 10 is shared

Milford weight in shared

9.4%

of Milford Balanced Fund top 10 is shared

Holding Milford Milford
NZ New Zealand Government 4.5% 15/05/2035 NZ
3.43% 2.09%
$ NZD Cash Current Account (HSBC) NZ
1.90% 2.57%
SS SSE Plc GB
2.82% 1.30%
Contact Energy Ltd Contact Energy Ltd NZ
1.94% 1.22%
NG National Grid Plc GB
2.46% 1.21%
NG NatWest Group Plc GB
2.41% 1.06%

"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 Balanced Fund

The Fund’s objective is to provide capital growth after the base fund fee but before tax and before the performance fee, over the minimum recommended investment timeframe of five years. It is a diversified fund that primarily invests in equities, with a significant allocation to fixed interest securities.
Full Milford Milford Balanced Fund profile →

Documents

Crawled directly from each manager's website. How we record provenance →

Milford logo

Milford

Live

Last verified 2026-05-08

Milford logo

Milford

Live

Last verified 2026-05-08

Common questions

What's the difference between the Milford Active Growth Fund and the Milford Balanced Fund?
Both are diversified funds available to NZ retail investors. Annual fund charges are within 0.05% of each other (1.05% vs 1.05%).
Which fund has lower fees, Milford Active Growth Fund or Milford Balanced Fund?
Milford Balanced Fund has the lower annual fund charge (1.05% p.a. vs 1.05% p.a.). Source: each fund's most recent Quarterly Fund Update on the FMA Disclose register.
How do the 5-year returns compare?
Milford Active Growth Fund's 5-year return p.a. is 6.79% and Milford Balanced Fund's is 4.74% (after fees, before tax). Past performance is not a reliable indicator of future returns.
Are both funds PIE-taxed in NZ?
Yes. Both are NZ Portfolio Investment Entities (PIEs). Investor tax on the fund's income is capped at the Prescribed Investor Rate (PIR), maximum 28%.
Where can I read the official documents for these funds?
Both funds publish their Product Disclosure Statement (PDS), Statement of Investment Policy (SIPO) and Quarterly Fund Update (QFU) on the FMA Disclose register at disclose-register.companiesoffice.govt.nz. Always read the current PDS before investing.
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Important: This comparison is general information only — not personalised financial advice. Past performance is not a reliable indicator of future returns. The right fund for you depends on your personal circumstances. Read each fund's Product Disclosure Statement and consider speaking to a licensed financial adviser.