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 funds is their growth-asset allocation, which drives nearly every other contrast in the comparison. The Milford Active Growth Fund holds 78.34% in growth assets against a risk indicator of 4 (on a scale of 1–7), while the Milford Diversified Income Fund sits at 22.72% growth assets with a risk indicator of 3. Both funds are managed by Milford and share the same Product Disclosure Statement dated 18 June 2025, but they are constructed for meaningfully different risk-return profiles within the same Diversified category.
That structural gap flows through to fees and returns. The Active Growth Fund charges 1.05% per annum; the Diversified Income Fund charges 0.65%. Over the five years captured in each fund's latest Quarterly Fund Update, the Active Growth Fund returned 6.79% per annum versus 3.75% for the Diversified Income Fund — a difference consistent with the higher equity exposure, though past returns are not a reliable indicator of future performance.
Portfolio composition reflects the same divide. The Active Growth Fund's top holdings are dominated by listed equities — SSE Plc, National Grid Plc, NatWest Group, and Aramark — alongside one NZ government bond. The Diversified Income Fund's top five positions are almost entirely sovereign fixed income and cash, including three NZ government bond lines and an Australian government bond, signalling an income-oriented, lower-volatility construction.
The Active Growth Fund is also considerably larger at approximately NZD 5.98 billion versus NZD 3.50 billion for the Diversified Income Fund.
Always verify these figures against the source PDS and latest Quarterly Fund Update on FMA Disclose before relying on them for any investment decision.
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
- 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
- Supporting document149 kB · file fingerprint recorded
- Supporting document545 kB · file fingerprint recorded
- Supporting document402 kB · file fingerprint recorded
- Supporting document13000 kB · file fingerprint recorded
- Other Material Information251 kB · file fingerprint recorded
- Statement of Investment Policy402 kB · file fingerprint recorded
- + 3 more on the fund page
Milford
LiveLast verified 2026-05-08
- Supporting document149 kB · file fingerprint recorded
- Supporting document545 kB · file fingerprint recorded
- Supporting document402 kB · file fingerprint recorded
- Supporting document13000 kB · file fingerprint recorded
- Other Material Information251 kB · file fingerprint recorded
- Statement of Investment Policy402 kB · file fingerprint recorded
- + 3 more on the fund page
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?
