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.
Why these two differ
The most material structural difference between these two Milford funds is their allocation to growth assets. The Milford Active Growth Fund holds 78.48% in growth assets, while the Milford Balanced Fund holds 53.15% — a gap of roughly 25 percentage points that drives most of the other differences between them. Both funds share an identical annual fund charge of 1.05% and the same risk indicator of 4 on a 1–7 scale, which is notable given the meaningful difference in equity exposure; investors should read the underlying risk disclosures in the PDS to understand how that common rating is applied to each portfolio.
The five-year return figures reflect the growth asset divergence: the Active Growth Fund returned 6.79% per annum against the Balanced Fund's 4.74% over the same period, 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 versus NZD 2.52 billion for the Balanced Fund. Both funds share exposure to the same NZ Government bond and SSE Plc positions, suggesting a common underlying sleeve, but the Balanced Fund's top holdings are dominated by multi-currency cash accounts, pointing to a more defensive liquidity posture. Both funds are governed by the same PDS dated 18 June 2025 and are managed by Milford.
Verify all figures against the source PDS and each fund's 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
- 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. |
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 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
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 Balanced Fund?
Which fund has lower fees, Milford Active Growth Fund or Milford Balanced 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?
