Fund-vs-fund · Diversified
Milford Balanced FundvsSimplicity 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.
How much do these two overlap?
They hold 125 of the same securities. If you held both, roughly 19.1% of your money would be in the same companies — so the diversification you get from holding the pair is smaller than holding two funds suggests.
| Shared holding | Milford Balanced | Simplicity Growth | Min weight |
|---|---|---|---|
| Microsoft | 1.18% | 2.59% | 1.18% |
| Amazon.com | 1.03% | 1.89% | 1.03% |
| Contact Energy | 1.22% | 0.95% | 0.95% |
| Nvidia | 0.87% | 3.84% | 0.87% |
| Fisher & Paykel Healthcare | 0.83% | 2.30% | 0.83% |
| Alphabet | 0.71% | 2.82% | 0.71% |
| Infratil | 0.68% | 1.26% | 0.68% |
| Apple | 0.63% | 3.45% | 0.63% |
| Meta Platforms | 0.49% | 1.17% | 0.49% |
| NZGB 1.5% 15/05/2031 | 0.49% | 0.90% | 0.49% |
Min weight is the smaller of the two weightings — if you hold both funds, that is the floor of your exposure to that position. Direct holdings only: anything either fund holds through an underlying fund or ETF is not counted, so the real overlap can only be higher. From each fund's FMA Disclose full portfolio filing.
Where you can buy these
Platform availability confirmed within the last 180 days. This is a statement of availability, not a recommendation — ManagedFundsNZ is not a Financial Advice Provider. Check the current PDS before investing.
Milford Balanced Fund
Simplicity Growth Investment Fund
No platform availability confirmed. Usually means it is bought directly from the manager — check their site.
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 68 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. |
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?
