Fund-vs-fund · Diversified
Milford Aggressive 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 asset allocation. The Milford Aggressive Fund holds 98.31% in growth assets, while the Milford Diversified Income Fund holds just 23.37% — a gap of nearly 75 percentage points. This divergence drives the difference in risk indicators: the Aggressive Fund sits at 5 on the standard 1–7 scale, and the Diversified Income Fund at 3. Both are managed by Milford and share the same Product Disclosure Statement dated 18 June 2025, but they target meaningfully different investor risk profiles despite carrying the same "Diversified" category label.
The fee difference is also notable. The Aggressive Fund charges 1.15% per annum against the Diversified Income Fund's 0.65% — a spread of 50 basis points. The Aggressive Fund's five-year return figure is not disclosed in the snapshot available for this comparison; the Diversified Income Fund reports a five-year return of 3.75% per annum. Readers should not draw performance conclusions from a one-sided comparison.
Portfolio composition reflects each fund's mandate clearly. The Aggressive Fund's largest disclosed positions are dominated by global equities — NVIDIA, Microsoft, Amazon, and Shell — alongside a USD cash account at HSBC (7.09%). The Diversified Income Fund's top holdings are New Zealand and Australian government bonds, consistent with its income-oriented, lower-growth posture. Fund sizes are similar: approximately NZD 3.69 billion and NZD 3.50 billion respectively.
Verify all figures against the source PDS and each fund's 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 0.50% lower in annual fund charges (0.65% 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
0.65%
Lowest 20% of cohort
5-year return p.a.
Past performance — not a predictor
Milford
—
—
Milford
3.75%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Milford
NZ$3.69b
Largest 2% in cohort
Milford
NZ$3.50b
Largest 4% in cohort
| Metric | Milford | Milford | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.15% | 0.65% | Lower is better |
| Risk indicator (1–7) | 5 | 3 | Higher = more volatility |
| 5-year return p.a. | — | 3.75% | Higher is better (past not future) |
| Fund size | NZ$3.69b | NZ$3.50b | Larger = more stable, lower close-risk |
| Growth / income split | 98% / 2% | 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
4
of each fund's top 10
Milford weight in shared
13.4%
of Milford Aggressive Fund top 10 is shared
Milford weight in shared
7.7%
of Milford Diversified Income Fund top 10 is shared
| Holding | Milford | Milford |
|---|---|---|
| $ USD Cash Current Account (HSBC) US | 7.09% | 1.92% |
| $ NZD Cash Call Account (BNZ Bank) NZ | 2.16% | 1.92% |
| $ NZD Cash Current Account (HSBC) NZ | 2.09% | 1.92% |
| $ AUD Cash Current Account (HSBC) AU | 2.04% | 1.92% |
"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 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 Aggressive Fund and the Milford Diversified Income Fund?
Which fund has lower fees, Milford Aggressive Fund or Milford Diversified Income Fund?
Are both funds PIE-taxed in NZ?
Where can I read the official documents for these funds?
