Fund-vs-fund · Australasian Equities
Milford Australian Absolute Growth Fund vs Octagon New Zealand Equities Fund
Both are Australasian Equities 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 funds is portfolio composition. The Octagon New Zealand Equities Fund holds 98.31% in growth assets — almost fully invested in equities — with its five largest positions all being listed NZ companies, led by Fisher & Paykel Healthcare at 14.68%. The Milford Australian Absolute Growth Fund, despite sitting in the same Australasian Equities category, holds only 53.15% in growth assets. Its top holdings are dominated by multi-currency cash positions across USD, AUD, and NZD accounts totalling over 22% of the portfolio, with BHP Group its largest equity holding at 5.18%. This cash-heavy, more flexible allocation reflects the "absolute growth" mandate and materially changes the fund's effective equity exposure relative to Octagon's near-fully-invested approach.
Both funds carry the same risk indicator of 4 on the standard 1–7 scale. Fees differ modestly: Milford charges 1.05% annually versus Octagon's 1.17%. The five-year return figures diverge more sharply — Milford returned 5.63% per annum against Octagon's 1.25% — though past returns do not indicate future performance and the periods covered should be confirmed in each fund's latest Quarterly Fund Update. Fund sizes are comparable, at approximately NZD 174.2 million (Milford) and NZD 161.5 million (Octagon). Neither fund is a KiwiSaver scheme account product based on the data provided here.
Verify all figures against each fund's current Product Disclosure Statement 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 Australian Absolute Growth Fund charges 0.12% lower in annual fund charges (1.05% vs 1.17%).
- 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 58 australasian equities 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
Octagon
1.17%
Upper half of cohort
5-year return p.a.
Past performance — not a predictor
Milford
5.63%
Upper half over 5 years
Octagon
1.25%
Lower half over 5 years
Fund size
Larger = more stable, lower close-risk
Milford
NZ$174m
Largest 23% in cohort
Octagon
NZ$161m
Largest 25% in cohort
| Metric | Milford | Octagon | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.05% | 1.17% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | 5.63% | 1.25% | Higher is better (past not future) |
| Fund size | NZ$174m | NZ$161m | Larger = more stable, lower close-risk |
| Growth / income split | 53% / 47% | 98% / 2% | 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.
What each fund says it does
Milford
Milford Australian Absolute Growth Fund
The Fund targets an absolute return with an annualised return objective of 5% above the New Zealand Official Cash Rate while seeking to protect capital after the base fund fee but before tax and before the performance fee, over rolling three year periods. It is a diversified fund that primarily invests in Australasian equities, complemented by selective exposure to international equities and cash.Full Milford Milford Australian Absolute Growth Fund profile →
Octagon
Octagon New Zealand Equities Fund
The New Zealand Equities Fund invests mostly in New Zealand shares, and can invest in Australian listed shares, where the company has meaningful operations in New Zealand. It aims to achieve long-term returns (before fees, taxes and other expenses) greater than the S&P/NZX50 Gross with Imputation Index.Full Octagon Octagon New Zealand Equities Fund profile →
Common questions
What's the difference between the Milford Australian Absolute Growth Fund and the Octagon New Zealand Equities Fund?
Which fund has lower fees, Milford Australian Absolute Growth Fund or Octagon New Zealand Equities 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?
