Fund-vs-fund · Diversified
Milford Balanced Fund vs Simplicity Growth Investment 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 funds is their asset allocation. The Milford Balanced Fund holds 53.15% in growth assets, placing it firmly in balanced territory, while the Simplicity Growth Investment Fund allocates 78.48% to growth assets — a meaningfully higher equity exposure that drives different risk and return profiles despite both funds sharing the same risk indicator of 4 out of 7.
Fee structures differ substantially. Milford's annual fund charge is 1.05%, compared to Simplicity's 0.25% — a gap of 0.80 percentage points that compounds materially over longer time horizons. Over the five years captured in each fund's latest Quarterly Fund Update, Simplicity's Growth Investment Fund returned 6.00% per annum against Milford Balanced Fund's 4.74% per annum, though the higher growth-asset weighting in Simplicity's portfolio is a relevant factor when interpreting that gap.
By fund size, Milford Balanced is larger at approximately NZD 2.52 billion versus Simplicity Growth at approximately NZD 1.29 billion. Milford's top disclosed holdings are dominated by multi-currency cash positions and a New Zealand government bond, consistent with a more defensive sleeve. Simplicity's top holdings are concentrated in large-cap global equities — Nvidia, Apple, and Microsoft — alongside a 6.76% position in Simplicity Living Ltd ordinary shares, an unlisted related-party asset investors should examine closely.
Neither fund is a KiwiSaver scheme account product under this data snapshot; both are retail managed investment funds. Always verify fees, returns, and holdings 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
- Simplicity Growth Investment Fund charges 0.80% lower in annual fund charges (0.25% 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
Simplicity
0.25%
Lowest 6% of cohort
5-year return p.a.
Past performance — not a predictor
Milford
4.74%
Upper half over 5 years
Simplicity
6.00%
Top 18% over 5 years
Fund size
Larger = more stable, lower close-risk
Milford
NZ$2.52b
Largest 5% in cohort
Simplicity
NZ$1.29b
Largest 7% in cohort
| Metric | Milford | Simplicity | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 1.05% | 0.25% | Lower is better |
| Risk indicator (1–7) | 4 | 4 | Higher = more volatility |
| 5-year return p.a. | 4.74% | 6.00% | Higher is better (past not future) |
| Fund size | NZ$2.52b | NZ$1.29b | Larger = more stable, lower close-risk |
| Growth / income split | 53% / 47% | 78% / 22% | 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
8.7%
of Milford Balanced Fund top 10 is shared
Simplicity weight in shared
9.1%
of Simplicity Growth Investment Fund top 10 is shared
| Holding | Milford | Simplicity |
|---|---|---|
| $ NZD Cash Current Account (HSBC) NZ | 2.57% | 1.62% |
| $ USD Cash Current Account (HSBC) US | 2.29% | 1.62% |
| $ AUD Cash Current Account (HSBC) AU | 1.53% | 1.62% |
 Microsoft Corporation US | 1.18% | 2.59% |
| $ NZD Cash Call Account (BNZ Bank) NZ | 1.09% | 1.62% |
"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 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 →
Simplicity
Simplicity Growth Investment Fund
The Growth Fund provides investors with a limited exposure to income assets, but most of its investments are in growth assets.Full Simplicity Simplicity Growth Investment Fund profile →
Documents
Crawled directly from each manager's website. How we record provenance →
Milford
LiveLast verified 2026-05-08
Simplicity
Common questions
What's the difference between the Milford Balanced Fund and the Simplicity Growth Investment Fund?
Which fund has lower fees, Milford Balanced Fund or Simplicity Growth Investment 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?
