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 growth asset allocation, which drives meaningfully different risk-return profiles despite both carrying a risk indicator of 4. The Simplicity Growth Investment Fund holds 78.48% in growth assets, compared with 52.35% for the Milford Balanced Fund — a gap of over 26 percentage points that places the two funds at quite different points on the defensive-to-aggressive spectrum within the same broad "Diversified" category label.
This allocation difference is reflected in their five-year after-fee returns: Simplicity Growth returned 6.00% per annum against Milford Balanced's 4.74%, though past performance does not indicate future returns and the higher growth weighting also implies greater exposure to market drawdowns.
The fee gap is equally stark. Simplicity charges an annual fund charge of 0.25%, while Milford charges 1.05% — a difference of 0.80 percentage points annually that compounds materially over time. Milford's active, concentrated approach is visible in its top holdings, which include multi-currency cash positions and a New Zealand government bond, suggesting tactical liquidity management. Simplicity's top holdings are dominated by global index-style equities (Nvidia, Apple, Microsoft, Fisher & Paykel) alongside a 6.76% position in Simplicity Living Ltd Ordinary Shares, an unlisted related-party asset investors should examine closely.
By funds under management, Milford Balanced is roughly twice the size at NZD 2.52 billion versus Simplicity Growth's NZD 1.29 billion. Readers should verify all figures against each fund's current PDS and latest Quarterly Fund Update on FMA Disclose before relying on this summary.
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
- 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
- Supporting document149 kB · file fingerprint recorded
- Supporting document545 kB · file fingerprint recorded
- Supporting document402 kB · file fingerprint recorded
- Supporting document13000 kB · file fingerprint recorded
- Other Material Information251 kB · file fingerprint recorded
- Statement of Investment Policy402 kB · file fingerprint recorded
- + 3 more on the fund page
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?
