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.
Why these two differ
The most material structural difference between these two Milford funds is their growth asset allocation. The Milford Aggressive Fund holds 98.31% in growth assets against a risk indicator of 5 (on a 1–7 scale), while the Milford Balanced Fund holds 53.15% in growth assets with a risk indicator of 4. Both are diversified funds managed by Milford Asset Management, but this split reflects meaningfully different exposure to market volatility and return potential.
The Aggressive Fund is larger at approximately NZD 3.69 billion versus the Balanced Fund's NZD 2.52 billion. The Aggressive Fund carries an annual fund charge of 1.15%, ten basis points above the Balanced Fund's 1.05%. The Aggressive Fund's latest QFU does not disclose a five-year return figure in this snapshot; the Balanced Fund reports a five-year return of 4.74% per annum.
The holdings profiles reflect the allocation difference clearly. The Aggressive Fund's top disclosed positions are dominated by global equities — NVIDIA, Microsoft, Amazon, and Shell — alongside a USD cash position of 7.09%. The Balanced Fund's top holdings include government bonds, multi-currency cash positions, and equities such as SSE Plc, consistent with a more blended mandate.
Both funds share the same Product Disclosure Statement dated 18 June 2025, indicating they sit within the same Milford Investment Funds scheme.
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 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. |
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 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
LiveLast verified 2026-05-08
Milford
LiveLast verified 2026-05-08
Common questions
What's the difference between the Milford Aggressive Fund and the Milford Balanced Fund?
Which fund has lower fees, Milford Aggressive Fund or Milford Balanced Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
