Fund-vs-fund · Diversified
Milford Active Growth Fund vs Milford Diversified Income 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 funds is their asset allocation, which drives divergent risk profiles, fee levels, and return histories. The Milford Active Growth Fund holds 78.48% in growth assets, carries a risk indicator of 4, and delivered a five-year annualised return of 6.79%. The Milford Diversified Income Fund holds just 23.37% in growth assets, sits at risk indicator 3, and returned 3.75% annualised over the same period. Both funds use the same risk indicator scale defined by the FMA, where a higher number reflects greater potential for volatility and loss.
The fee difference is also notable: the Active Growth Fund charges 1.05% per annum against the Diversified Income Fund's 0.65%, a 40-basis-point gap that compounds meaningfully over time. Both fees are sourced from each fund's latest Quarterly Fund Update. Fund size differs too — Active Growth stands at approximately NZD 5.98 billion versus Diversified Income at NZD 3.50 billion.
The holdings reflect the allocation split clearly. Active Growth's top positions are international equities and a New Zealand government bond; Diversified Income's top five are dominated by New Zealand and Australian government bonds alongside a cash account, consistent with its income-oriented, lower-growth posture. Both funds share the same PDS dated 18 June 2025, as they sit within the same Milford Investment Funds offer.
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 Diversified Income Fund charges 0.40% lower in annual fund charges (0.65% vs 1.05%).
- 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
0.65%
Lowest 20% of cohort
5-year return p.a.
Past performance — not a predictor
Milford
6.79%
Top 8% over 5 years
Milford
3.75%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Milford
NZ$5.98b
Largest 1% in cohort
Milford
NZ$3.50b
Largest 4% in cohort
| Metric | Milford | Milford | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.05% | 0.65% | Lower is better |
| Risk indicator (1–7) | 4 | 3 | Higher = more volatility |
| 5-year return p.a. | 6.79% | 3.75% | Higher is better (past not future) |
| Fund size | NZ$5.98b | NZ$3.50b | Larger = more stable, lower close-risk |
| Growth / income split | 78% / 22% | 23% / 77% | 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
3
of each fund's top 10
Milford weight in shared
7.3%
of Milford Active Growth Fund top 10 is shared
Milford weight in shared
5.6%
of Milford Diversified Income Fund top 10 is shared
| Holding | Milford | Milford |
|---|---|---|
| NZ New Zealand Government 4.5% 15/05/2035 NZ | 3.43% | 2.42% |
| $ NZD Cash Current Account (HSBC) NZ | 1.90% | 1.92% |
 Contact Energy Ltd NZ | 1.94% | 1.29% |
"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 Diversified Income Fund
The Fund’s objective is to provide income and capital growth after the base fund fee but before tax and before the performance fee, over the minimum recommended investment timeframe of four years. It is a diversified fund that primarily invests in fixed interest and equity income-generating securities.Full Milford Milford Diversified Income 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 Diversified Income Fund?
Which fund has lower fees, Milford Active Growth Fund or Milford Diversified Income 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?
