Fund-vs-fund · Diversified
Milford Active Growth FundvsMilford 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.
How much do these two overlap?
They hold 160 of the same securities. If you held both, roughly 30.6% 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 Diversified | Min weight |
|---|---|---|---|
| NZGV 4.5% 15/05/2035 | 5.92% | 3.48% | 3.48% |
| Contact Energy | 1.94% | 1.29% | 1.29% |
| SSE PLC | 2.82% | 1.02% | 1.02% |
| NATIONAL GRID | 2.46% | 0.95% | 0.95% |
| Precinct Properties NZ Ltd | 1.17% | 0.87% | 0.87% |
| Microsoft | 1.42% | 0.80% | 0.80% |
| Bank of America | 1.13% | 0.76% | 0.76% |
| Aena SME SA | 0.97% | 0.76% | 0.76% |
| NatWest Group | 2.41% | 0.71% | 0.71% |
| American Tower Corp | 0.88% | 0.69% | 0.69% |
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 Diversified Income Fund
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 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
0.65%
Lowest 18% of cohort
5-year return p.a.
Past performance — not a predictor
Milford
6.79%
Top 9% 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. |
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?
