Fund-vs-fund · Diversified
Milford Conservative Fund vs Simplicity Balanced 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 profiles. The Milford Conservative Fund holds 22.72% in growth assets and carries a risk indicator of 3 (on the standard 1–7 scale), while the Simplicity Balanced Investment Fund holds 53.2% in growth assets and sits at risk indicator 4. Both are categorised as Diversified, but they occupy distinct positions within that category.
This allocation difference is reflected in the five-year return figures disclosed in each fund's latest Quarterly Fund Update: Milford Conservative returned 2.5% per annum over five years, against Simplicity Balanced's 4.34%. Neither figure is adjusted for fees or tax in a standardised investor-specific way, and past returns do not indicate future performance.
Fee structures diverge sharply. Milford discloses an annual fund charge of 0.85%; Simplicity discloses 0.25%. Over time, that 0.60 percentage-point gap compounds against the higher-fee fund regardless of which direction markets move.
Portfolio character also differs. Milford's top holdings are dominated by New Zealand government and local government bonds, consistent with its conservative fixed-income lean. Simplicity's top holdings include Simplicity Living Ltd ordinary shares (4.66%), NVIDIA Corp, Apple Inc, and Fisher & Paykel Healthcare — a mix of listed equities and a related-party unlisted property holding worth noting for due-diligence purposes.
Fund sizes are NZD 939m (Milford) and NZD 738m (Simplicity) respectively. Neither fund is a KiwiSaver scheme account product in this context — both are retail managed investment scheme funds.
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 Balanced Investment Fund charges 0.60% lower in annual fund charges (0.25% vs 0.85%).
- 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
0.85%
Lower half of cohort
Simplicity
0.25%
Lowest 6% of cohort
5-year return p.a.
Past performance — not a predictor
Milford
2.50%
Lower half over 5 years
Simplicity
4.34%
Upper half over 5 years
Fund size
Larger = more stable, lower close-risk
Milford
NZ$939m
Largest 8% in cohort
Simplicity
NZ$738m
Largest 13% in cohort
| Metric | Milford | Simplicity | Lower / higher is |
|---|---|---|---|
| Annual fund charge | 0.85% | 0.25% | Lower is better |
| Risk indicator (1–7) | 3 | 4 | Higher = more volatility |
| 5-year return p.a. | 2.50% | 4.34% | Higher is better (past not future) |
| Fund size | NZ$939m | NZ$738m | Larger = more stable, lower close-risk |
| Growth / income split | 23% / 77% | 53% / 47% | 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 | InvestNow · 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
3
of each fund's top 10
Milford weight in shared
5.5%
of Milford Conservative Fund top 10 is shared
Simplicity weight in shared
9.4%
of Simplicity Balanced Investment Fund top 10 is shared
| Holding | Milford | Simplicity |
|---|---|---|
| $ NZD Cash Current Account (HSBC) NZ | 2.97% | 3.13% |
| $ NZD Cash Call Account (Bank of China) NZ | 1.32% | 3.13% |
| $ USD Cash Current Account (HSBC) US | 1.21% | 3.13% |
"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 Conservative Fund
The Fund’s objective is to provide moderate returns and protect capital after the base fund fee but before tax over the minimum recommended investment timeframe of three years. It is a diversified fund that primarily invests in fixed interest securities, with a moderate allocation to equities.Full Milford Milford Conservative Fund profile →
Simplicity
Simplicity Balanced Investment Fund
The Balanced Investment Fund provides investors with an exposure to a mix of growth and income assets.Full Simplicity Simplicity Balanced 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 Conservative Fund and the Simplicity Balanced Investment Fund?
Which fund has lower fees, Milford Conservative Fund or Simplicity Balanced 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?
