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Fund-vs-fund · Diversified

Milford Aggressive 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 Aggressive Fund

PIE · capped at PIR (max 28%) aggressive
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 asset allocation. The Milford Aggressive Fund holds 98.31% in growth assets, while the Milford Balanced Fund holds 52.35% — a near-even split between growth and income assets. This divergence is directly reflected in their FMA risk indicators: the Aggressive Fund sits at 5 and the Balanced Fund at 4, on a scale where higher numbers represent greater potential for return volatility in both directions.

Both funds are managed by Milford and share the same Product Disclosure Statement dated 18 June 2025. The Aggressive Fund is larger at approximately NZD 3.69 billion versus the Balanced Fund's NZD 2.52 billion. The Aggressive Fund carries a higher annual fund charge of 1.15% compared to 1.05% for the Balanced Fund. Five-year return data is available for the Balanced Fund at 4.74% per annum; the Aggressive Fund's five-year return figure is not available in this snapshot and investors should consult the latest Quarterly Fund Update on FMA Disclose directly.

The top holdings also differ in character. The Aggressive Fund's disclosed positions are dominated by global equities — NVIDIA, Microsoft, Amazon, and Shell — alongside a substantial USD cash position. The Balanced Fund's top holdings include government bonds and multi-currency cash positions alongside equities, consistent with its more mixed mandate.

Neither fund is a KiwiSaver scheme account product under this offer; both are retail managed funds. Always verify current fees, returns, and holdings against the source PDS 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

  • Milford Balanced Fund charges 0.10% lower in annual fund charges (1.05% vs 1.15%).
  • 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

1.15%

Upper half of cohort

Milford

1.05%

Upper half of cohort

5-year return p.a.

Past performance — not a predictor

Milford

—

—

Milford

4.74%

Upper half over 5 years

Fund size

Larger = more stable, lower close-risk

Milford

NZ$3.69b

Largest 2% in cohort

Milford

NZ$2.52b

Largest 5% in cohort

Metric Milford Milford Lower / higher is
Annual fund charge 1.15% 1.05% Lower is better
Risk indicator (1–7) 5 4 Higher = more volatility
5-year return p.a. — 4.74% Higher is better
(past not future)
Fund size NZ$3.69b NZ$2.52b Larger = more stable, lower close-risk
Growth / income split 98% / 2% 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

5

of each fund's top 10

Milford weight in shared

16.3%

of Milford Aggressive Fund top 10 is shared

Milford weight in shared

11.5%

of Milford Balanced Fund top 10 is shared

Holding Milford Milford
$ USD Cash Current Account (HSBC) US
7.09% 2.57%
$ NZD Cash Call Account (BNZ Bank) NZ
2.16% 2.57%
$ NZD Cash Current Account (HSBC) NZ
2.09% 2.57%
$ AUD Cash Current Account (HSBC) AU
2.04% 2.57%
Microsoft Corporation Microsoft Corporation US
2.96% 1.18%

"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 Aggressive Fund

The Fund’s objective is to maximise capital growth after the base fund fee but before tax and before the performance fee, over the minimum recommended investment timeframe of ten years. It primarily invests in international equities, with a moderate allocation to Australasian equities.
Full Milford Milford Aggressive 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 Aggressive Fund and the Milford Balanced Fund?
Both are diversified funds available to NZ retail investors. Milford Balanced Fund charges 0.10% lower in annual fund charges (1.05% vs 1.15%).
Which fund has lower fees, Milford Aggressive Fund or Milford Balanced Fund?
Milford Balanced Fund has the lower annual fund charge (1.05% p.a. vs 1.15% p.a.). Source: each fund's most recent Quarterly Fund Update on the FMA Disclose register.
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.